The corporation that runs the Memramcook Institute is declaring bankruptcy.
Acting director Marena McLaughlin says the board of directors tried, but couldn't overcome financial difficulties.
Eighty employees have lost their jobs and all activities at the Institute are suspended.
However, couples who have booked weddings this summer can still get married at the institute until the end of the season.
Liberal House Leader and Beauséjour MP Dominic LeBlanc issued a statement on Friday, saying he is in disbelief at the Alward government's "refusal to help support" the Institute, which offers rooms, a spa, restaurant, golf course, walking trails and banquet facilities.
The Institute has "played a critical role in the development of Acadian society for generations," said LeBlanc, who previously served as a volunteer on the board for years.
The facility, located about 20 minutes from Moncton, is still owned by the New Brunswick government.
The non-profit corporation has existed since 1968.