Knock down the Palace Hotel, on Douglas seafront and redevelop the site, or develop the Middlemarch site.
That’s the decision facing the Sefton Group board after figures for the last financial year showed a turnaround in the company’s position, with an exceptional pre-tax profit of £10.3m recorded.
Sir Miles Walker, who stepped down as chairman after the annual general meeting on Wednesday, said: ‘The plans moving forward are to redevelop the facilities at the Palace. It’s a 1960s building, not very beautiful and fair to say, past its best. It needs to be rebuilt.