Valuers say hotel now worth £2.5m
The Sefton Group says it's still seeking a buyer for the Castle Mona Hotel - but refuses to comment on its value being written down.
It acquired the historic property in 2007, and put it on the market in 2011.
The Group was then bailed out by government in 2013, to the tune of £4.5 million.
Figures given to shareholders ahead of this morning's Annual General Meeting (Fri) show a recent quote valued the Castle Mona at £2.5 million - a fall on previous estimates.
While bosses say the figure is 'not up for discussion', Sefton chairman Clive Parrish says he's confident for the Hotel's future:
Energy and Sustainable Centre says 'great need' for renewable energy on Island
Housing should be a priority for next administration, says financial advisor
Island to host a major Maritime Conference
Manx Care forecasting £8.1m overspend for 2026-27