THE derelict Ocean Hotel on Sandown Esplanade has been sold, an Isle of Wight Councillor has announced.
Cllr Ian Ward, who represents Sandown South, said on Facebook the sale of the freehold had been completed.
UPDATE: See footer of article
Cllr Ward said: "I’m really pleased to report that the Ocean Hotel has been sold!
"It been a difficult time with various rumours going around about why it wouldn’t sell.
"I have been in regular contact with the receiver and planning enforcement officer who have both kept me up to date and briefed my about the negotiating strategy which clearly worked.
"So now let's look to the future."
The County Press has contacted him for further details.
It is understood there are many leaseholders who have invested into the building.
The hotel, and the nearby King's House, were both owned by Carlauren Group, which went into administration.
Read more: Carlauren Group placed into administration
In 2019, the Isle of Wight Council was looking at ways to enforce a tidy up of the derelict sites, following complaints from the public.
Read more: Isle of Wight investors trying to recoup Carlauren losses
Meanwhile, a new hotel has opened a few doors away
UPDATE: Cllr Ward has apologised for a mix-up, and said the hotel has NOT sold.
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