The battle to own Lough Erne Resort is down a three or four horse race following the closure of bids on Thursday, June 13 while the hosting of the G8 Summit last week has been a major help in trying to find a new owner for the Resort, the Impartial Reporter has learned.

Moreover, a second round of bids is expected in the coming week from three to four bidders shortlisted from the original bids which it is believed attracted interest from eight or nine prospective owners from overseas and the island of Ireland. Former owner Jim Treacy revealed to the Impartial Reporter before the closing date that he remains in there fighting and trying to get back the business he built up from the start. Lough Erne Resort owned by Castle Hume Leisure was placed into administration in 2011, owing �25m to the Royal Bank of Scotland.

"There is no doubt that the hosting of the G8 Summit was a major boost in trying to find a new owner," revealed an industry source. "There will be a short list and a second round of bids after which a preferred bidder will emerge. That would be normal practice and once the preferred bidder is identified, it is a matter of sorting out the deal." It is hoped that a new owner will be in place by the autumn or before the end of the year at the very latest.

Last week, Lough Erne Resort was broadcast to the world as it played host to the G8 Summit and in what was deemed a highly successful hosting, the Resort enjoyed a huge profile; timely exposure as the process to find a new owner intensifies.

It was originally put on the market for �10m in September 2012, then taken off the market as a major fire in the Spa took place only hours before David Cameron announced that the Resort was to host the G8 Summit.

With the Spa repaired, the Resort was back on the market in May with the original round of bids closed two weeks ago on Thursday, June 13.

Now another round of bids will ensue after which the process to find a new owner will be one step closer, a move that is sure to be welcomed by the many local employees at the Resort.

The sale of Lough Erne Resort is being handled by CBRE Ireland and accountancy firm KPMG were appointed as administrators in May 2011, keeping the business operating as a going concern until a sale can be finalised.