Auckland property developer Mark Ensom is expected to take ownership of Parnell-based Swan Hotel and the adjoining Swan Brew Bar just weeks after its refurbishment and glitzy opening.
The business failed when it defaulted on a loan to a private lender and a receiver is now working on selling the hotel and bar, which had previously been owned by Richard Karam, son of ex All Black and David Bain supporter Joe Karam.
"They borrowed some money from a private lender and were unable to repay it and the private lender put the company into receivership to protect their position," receiver Damien Grant of Waterstone Insolvency said.
The Herald understands Ensom, who owns the land and buildings, is negotiating on a deal to purchase the business.
Ensom's company, Big Wonders Limited, has acquired a security interest from the lender, Paul Evans, who is a former shareholder of the Swan Group.