Roberts, has been placed in receivership by the Bank of Bermuda.

A buyer for the 24-room hotel has been sought since January when its operations were placed under control of receivers at the accounting firm of Kempe & Whittle.

It is not clear if a sale is in the offing, but sources yesterday said the hotel is preparing to open for business on April 28.

Reservations for the multi-level, 22-unit property overlooking Ely's Harbour are still being accepted through International Resorts Services and the Mermaid Beach Club.

Mr. Roberts, one of the longest serving MPs in the House of Assembly, could not be reached for comment yesterday.

A Kempe & Whittle spokesman yesterday confirmed joint receivers had been appointed by the bank.

Bank corporate legal counsel Mr. James Macdonald declined to comment on the situation, saying: "It's a private matter between the bank and its customer.''