New hope: A buyer has been found for the Pink Beach Club. *File photo
New hope: A buyer has been found for the Pink Beach Club. *File photo
FRIDAY, MAR. 25: The Pink Beach Club is on the verge of being sold with a deal ‘virtually done’ for the struggling hotel.

The Bermuda Sun understands that a U.S. group is in advanced discussions to take over the elegant $600-a-night cottage colony.

The hotel’s managing director Mike Williams was unwilling to comment this week.

But sources close to the deal told us it was on the brink of going through.

A writ was filed in July last year by the Bank of Butterfield to place the Tucker’s Town hotel into receivership.

Efforts to find a buyer have been made since then with the hotel continuing to operate.

It is understood that three potential buyers were sounded out before the deal that will secure the long-term future of the resort was put in place.

The move comes as a ray of light for the hotel industry, with the reluctance of investors to back Bermuda’s tourism product highlighted in the Tucker’s Point debate.