CTV News has learned a winning bid has been chosen for a new owner of the Oak Bay Beach Hotel.
The bid is subject to court approval, but receiver Ernst and Young said it intends to file the requisite paperwork no later than Monday.
That’s when the name of the winning bidder – and new owner of the hotel – will be announced.
Ernst and Young wouldn’t say if the new owner is local or foreign.
The receiver previously said it fielded more than 20 offers from Victoria and around the world to snap up the luxury property.
The hotel’s previous owners were removed from their management role in December 2014 and it was placed in receivership.
A report from Ernst and Young showed an incredibly ambitious renovation project, combined with the 2008 financial crisis, doomed the project.
