Fresh bid for waterfront hotel

St Laurence group managing director Kevin Podmore said he was still negotiating to buy the hotel and expected an outcome in the next week.

"We'd like to gear it up higher than before and borrow more, probably two-thirds of the price," he said.

Investors torpedoed the purchase last month when they failed to contribute enough cash for the deposit.

St Laurence wanted $29.7 million from investors for a proportionate ownership scheme which forecast a 9.25 per cent annual cash return and needed 1188 "interests", each costing $25,000.

But on October 21, Podmore announced the scheme had been axed after attracting less than half the funds needed for the deposit.

Read More - Opens in a new window