Ceredigion council revamp for Bay Hotel in Aberystwyth
A brewery is to pay for a revamp of a closed hotel in Aberystwyth in a deal to give up the lease on the property.
Ceredigion council-owned Bay Hotel was leased to brewer SA Brain and Co, but it has been boarded up since June 2009.
Last month, the council threatened to repair the building and recover the costs from the brewer.
But the council has now said that officials have reached agreement with the brewer. Brain's has been asked to comment.
Ceredigion's cabinet committee was told on Tuesday that the council will now be considering what to do with the property, which is in a prominent position on Aberystwyth's northern promenade.
Cabinet members heard that the firm had agreed to surrender its leasehold interest for a "one-off premium payable" to the county council.
"The payment will release SA Brain and Co from any further obligations relating to the property and will cover the costs of the necessary remedial works; the loss of rental income to the county council; the payment of all outstanding invoices and professional fees in regard to the property," said a council statement.
Council highways and property officials are preparing a list of works needed to "safeguard the integrity" of the building and to "improve its visual appearance".
Last month, a Ceredigion council report said Brain's had "expressed reluctance" to carry out repairs to the prime seafront property once popular with young people in the town.
It said the building had been deteriorating and urgent action was needed to protect the "council's freehold interest".
In April, a spokesperson for the brewer said: "SA Brain & Co Ltd have been proactively driving the dialogue with Ceredigion County Council for several years in an attempt to find a solution that works for all parties involved."