The Elbow Beach Hotel is being sold to another island resort owner, according to a government MP.

Speaking in the House of Assembly on Friday, Zane DeSilva, claimed that the iconic Paget property had been bought by Stephen King, who also owns The Loren in Tucker’s Town.

However, this has yet to be confirmed either by representatives for Mr King or the estate agent handling the sale.

During the motion to adjourn, Mr DeSilva said: “I’d like to thank Stephen King, the owner of Loren, and also the new owner of Elbow Beach.

"Now Stephen King, as most of us will know, is a developer, a man that loves to create businesses. He has businesses all over the world — hospitality businesses — I was down at Turks not long ago and I see he's got a huge development going on.

“And the man is confident in Bermuda. And I thank Stephen King again for having the confidence in this government and this country to invest."

Asked to comment on the claim, a spokesman for The Loren would only say: “As previously mentioned, ownership will advise when ready for a statement.”

The estate agent overseeing the sale was also tight-lipped.

Penny MacIntyre, a partner at Rego Sotheby's International Realty, said: "My colleague, Rachel Sawden, and I act as sole agents for the joint receivers on the sale of Elbow Beach Hotel and Fritholme Gardens Residences. We do not comment on ongoing matters."

The hotel closed in early 2020 because of the Covid-19 pandemic but was expected to reopen in 2021.

However, it remained shuttered and in 2022 it was confirmed that owner Saudi Prince Khaled Bin Sultan Bin Abdullaziz Al Saud of Saudi Arabia was in negotiations with a potential buyer.

The resort went into liquidation in October last year amid claims that it was massively in debt.

In May of this year, the property was put on the market again, with Rego Sotheby’s, hopeful that the 44-acre site would be sold by the end of 2024 after a bidding process.

Mr King, a British-born New Yorker and the founder of the Loren Hotel Group, purchased the property on the site of the former Pink Beach Club in Smith’s Parish in 2014.

The resort opened in 2017. The group owns another hotel in Austin, Texas, and is developing a third resort in Turks & Caicos, expected to open next year.