Mystery buyer acquires Castle Mona hotel

19 October 2017 by
Mystery buyer acquires Castle Mona hotel

A mystery buyer has taken ownership of the Isle of Man's landmark building, the Castle Mona hotel on Douglas Promenade, this week.

The buyer paid considerably more than the £1m the 98-bedroom property had been expected to raise at auction.

The historic property, which comes replete with towers and crenellations, has stood empty for over a decade and has been on the market since 2011.

Originally built for the 4th Duke of Atholl, John Murray, in 1804, the iconic property became a hotel in 1835. It boasts leisure facilities including two nightclubs, a bowling alley and a ballroom, food, beverage and banqueting operations plus parking for 70 vehicles.

Previous owner the Sefton Group bought Castle Mona for some £4m in 2007 with plans to turn it into a luxury boutique hotel, which were scuppered by the global banking crisis of 2008.

The mystery buyer, a local developer according to regional media reports, is described by auctioneers Lambert Smith Hampton as a competent buyer who will deal with the property appropriately. Observers said a great deal of investment will be necessary to restore the hotel and adjoining leisure facilities to their former glory.

Completion of the sale is expected in the next few weeks.

Classic Lodges takes on new Isle of Man hotel >>

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