The Mount Murray hotel boss says he's confident approaches will be made from prospective buyers interested in the site.
Managing director David Lyons has confirmed a settlement reached with insurers 14 months after a huge fire, will not cover the cost of rebuilding the complex.
Its owners claim they were forced to agree an 'unsatisfactory' settlement to avoid another year of arbitration.
The hotel and country club will close permanently next Friday (6 Feb) with the loss of 30 jobs. Only the golf club will remain open.
Mr Lyons says increasing energy costs also contributed to the decision to shut the hotel for good.
He says together, the two factors have sealed the fate of the business:
Pictured: Fire engulfs the hotel 7 November 2013
Clip 1
Rising UK mortgage rates unlikely to be reflected in the Isle of Man says local advisor
RGS holds 'simple lockdown drill'
Publish date of Island housing study still not known
Port Erin man appears in court over hidden camera allegations
Peel Commissioners says it will be objecting to the North and West Area Plan
Bishop's vote Bill goes to LegCo
