MADISON Hotel will close for business on June 20, cutting jobs and cancelling all scheduled events and reservations in the process.
An e-mail was sent out to parties with events booked in at the Oxford Road hotel yesterday, with scant details other than an apology for cancelling all bookings at the site.
A spokesman at Licensed Solutions, specialist management consultants, said more than 25 staff currently work at the hotel, who are likely to lose their jobs.
Staff were reportedly informed of the news on Monday.
A buyer is yet to be finalised with negotiations ongoing, but it is likely to be a developer, the spokesman said.
Helen Jackson, of Crystal Spirit, is one of the bookers to receive yesterday's e-mail.
She said: "I spoke with a girl I know up there and she said they had allegedly sold it to a developer.
"There's going to be some sort of development extension to the retail park."
More to follow.