The Chamber of Commerce says the closure of the Mount Murray Hotel has come as a total shock.
Chair of the Tourism Committee Sara Richards said in a statement, the main concern now is the fate of the 30 employees losing their jobs.
The Chamber is already trying to help workers by finding alternative employment for them within the sector.
The four-star hotel has reached a settlement with insurers nearly 14 months after a fire destroyed much of the complex, but bosses say it won't be enough to rebuild.
While the golf club will remain open, the future of the site is still unknown.
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