AN announcement is expected later today on the future of one of Northern Ireland's best known hotels.
Rumours have abounded since the summer that the multi-award winning Slieve Donard Hotel and spa resort in Newcastle has been lined up for a sale, possibly to an American billionaire.
UPDATE: Slieve Donard Hotel sold to US property group for £40m
Directors at its owners the Hastings Hotels Group have consistently issued strenuous denials, dismissing the claims as "totally unfounded".
But it has emerged that a "significant announcement" is due this afternoon - and the centre of some of the media activity will be at the Slieve Donard.
Sources at the Hastings Group are remaining tight-lipped for the moment.
But it comes after a complete management restructure at the Hastings Group over the summer, with a number of new holding companies being set up for some of its properties, including the Slieve Donard.
The structural changes have also included the termination of the appointments of some of its key directors, including that of Lady Joy Hastings, wife of the group's late founder Sir William Hastings, in June.
Then in August, directorship appointments were terminated for James McGinn, who has had a high profile role in the company for 30 years, and also finance director Peter Gibson, who only took up that position in January 2020.
In May, the Hastings Group's latest set of published accounts laid bare the destructive impact of the Covid pandemic on its day to day operations.
They showed that turnover in the year to October 31 2020 slumped by 49 per cent from £49.4 million to £25.1 million, which includes an impairment charge of £5.3 million related to a write-down on tangible assets.
It also swung from an operating profit of £6.6m in 2019 to a loss of £13.4m last year - an eye-watering decline of 301 per cent.
Significantly, the accounts revealed that net assets as Hastings Group plummeted from £50.7m to £33.4m, which is less than its current borrowings of £47.6m.
It is understood the group will be releasing a statement in Thursday afternoon.
