The new owners of the former Castle Mona Hotel say their immediate priority is to secure the building from further deterioration.
Tevir Group confirmed their acquisition of the historic seafront landmark after the Examiner exclusively revealed the identity of the new owners.
It ends months of speculation about the purchasers. But their plans for the building remain under wraps.
In a statement, it said: ‘The Tevir Group is happy to confirm the purchase of the former Castle Mona Hotel in Douglas for £1.21m from The Sefton Group PLC.
‘The Group recognises and respects the historical significance of the building and work has commenced to undertake emergency repairs to the property, which has lain empty since closing in 2006.
‘A further announcement regarding plans for the Castle Mona site will be made in due course, the current priority is securing the building and preventing further deterioration.’
The Tevir Group also confirmed it has purchased the former Zurich House building in Athol Street, Douglas.
‘Arrangements are already well advanced in respect of new tenants for the property,’ it said.
The Tevir Group is based in the Isle of Man and said it has a number of different interests.
It said it will be undertaking development projects in the Island that will ‘generate a positive impact for the benefit of Manx residents, Manx businesses and the broader Isle of Man economy’.
Details of the directors involved in the Tevir Group and associated companies are reported in this week’s Examiner, out in the shops now.