Reggie Cooper said: "Developments are taking place. I can't give any further indication. I don't know when the closing is taking place''.

Glencoe Harbour Club, situated on the water's edge in Paget, has 41 guest rooms.

The hotel, part of the Bermuda Collection, has been on the market for some time.

It is understood Mr. Cooper has been in talks with a group of businessmen and no decision has been taken on whether to continue to operate the property as a hotel.