Memramcook Institute to be sold
Heritage facility, owned by provincial government, went bankrupt in July
Memramcook Institute will soon be up for sale, Transportation and Infrastructure Minister Claude Williams announced on Friday.
The well-known Acadian landmark, located about 20 minutes from Moncton, is owned by the provincial government.
The government leased the 165,000 square-foot building for $1 a year to the Memramcook Institute.
But the institute accumulated a debt of $4.5 million and declared bankruptcy on July 5, laying off 80 employees.
The government struck a committee in August to review its assets and recommend sustainable, viable options for the future of the property.
The heritage building, which dates back to the 1800s, has hotel rooms, a spa, restaurant, golf course and banquet facilities.
Under the request for proposals, any buyer will have to respect historical, cultural and economic importance of the building, Williams said.