Letter outlining details of sale sent to shareholders
Manx Radio understands Sefton Group has agreed to sell the Sefton Hotel for £7.6m.
A letter sent to shareholders outlines details of a freehold sale and leaseback deal with Douglas Hotel Holdings Limited.
The deal includes an initial lease term of 20 years, with a right for Sefton to extend for a further 20 years.
The initial annual rent will be £600,000, with collared increases every five years, with Sefton also having the option to rebuy the property if the new owner elects to sell.
Manx Radio has contacted the Sefton Group and is awaiting a response.
Any deal would be subject to shareholder approval.
Island braces for Storm Bert
59-year-old man dies after Ballamodha crash
Government 'neglecting tourism sector' says Douglas hotelier
Yellow weather warning issued for severe gales and heavy rain
