Developer, Hartford Homes, has bought the Bay Queen Hotel site in Port St Mary for four million pounds.
The deal was brokered by international property firm, Knight Frank.
The one acre site, which overlooks Port St Mary Bay. has planning permission for two apartment blocks with 56 homes and underground car parking.
When the land went to tender, Hartford Homes bought the hotel building as well as the surrounding land, with the deal wrapped up in one week.
"Tanker McTankface?": Isle of Man Energy asks youngsters to help name new lorry
Company adds two new LPG road tankers to its fleet
VAT removal from electricity bills will cost government £1 million
Island following UK in applying cut
'Absolutely right' that Island follows energy VAT cut says former treasury minister
Alex Allinson on the move to drop rate from 5% to 0%
Minister welcomes airline's confidence in market
easyJet looks set to be taken over by an American firm
