It could be some time before a new 30 bedroom hotel and 96 apartments are constructed in Ramsey.

That’s one view being aired after it was announced the Grand Island Hotel is to close next month.

The landmark building will shut its doors on February 9 with the loss of 18 jobs. Trading conditions and the increasing costs of operating and maintaining the premises have been cited as the reasons behind the decision.

Plans are in place to demolish the hotel and build 68 apartments in its place, but only once the new hotel on Mooragh Promenade is constructed and trading.

Ramsey MHK Anne Craine (pictured) believes patience is needed.

She told Manx Radio:

"There has been a lot of speculation over a long period of time that this would happen, and it's just really been a question of when, nonetheless it's to be regretted.

"We have got to look at the current situation, the current economic climate that we are in, and accept that anybody who makes an investment of that nature at the present time is going to be very confident about the future.

"We have to have a little patience about the development and the proposals that are currently in place.

They may vary, it's not for me to say or know, but I think it's not something that is going to happen overnight."

More on Wednesday's Mandate.