A GROUP of mystery investors has bought Slaley Hall, the uncompleted hotel and leisure complex in Northumberland, which collapsed into receivership three years ago.
Staff at Slaley Hall said the property had been bought by overseas investors. However, industry sources say it has been sold to a non-trading company called Adelphi Investments.
When receivers at Touche Ross moved in after developers Seamus O'Carrol and John Rourke failed to refinance a debt of £20m on the project, the complex was just weeks away from opening.
The property was originally put up for sale at £20m, but when Arthur Andersen took over as receivers from Touche Ross, it was put up for sale with agent William Hillary at a more realistic £4m.
The complex now looks set for a large injection of cash from the new owners before finally opening in four to five months' time. Estimates earlier this year suggested £5m was needed to complete the complex.
When finished, the resort will have a 140-bedroom hotel, 62 holiday villas, a golf club, leisure centre and two 18-hole golf courses, all set in 650 acres.
Published by: The Caterer