The Rydges Hotels and Resorts Group will officially take over the running of the embattled property from next Monday.

Although staff at Citigate were not comm-enting on the sale yesterday, the Western Advocate understands a Melbourne-based private consortium of investors is the new owner.

The property was previously owned by the Bank of Scotland and had been in receivership with Deloitte since August 2007. The Mirvac chain of hotels was appointed to run the establishment while a buyer was being found.

A spokesperson from Deloitte was also not prepared to comment on the sale yesterday when contacted by the Western Advocate.

However, the Rydges website was yesterday boasting the property as being part of its stable of NSW regional establishments, including properties at Wollongong, Port Macquarie, Thredbo and Albury.

Bookings were being advertised as being taken from February 13.

Although the sale price remains a mystery, it is believed the Bank of Scotland was keen to divest the property from its portfolio and may have sold it at a bargain basement price.

A figure of around $20 million had been widely touted.

The Western Advocate reported in June 2009 that the $50 million Citigate Mount Panorama would finally be completed and would be taking its first guests in time for the Bathurst 1000 in October that year.

Rydges Hotels and Resorts director of brand development Alicia Weider was unavailable for comment yesterday.

But the Rydges Hotels group was yesterday describing the property as follows:

“Bathurst is, of course, famous for Australia’s most popular endurance car race, the annual Bathurst 1000 (second Sunday in October) – and there are no better positions than Rydges Hotel, right on Conrod Straight. You can enjoy the race from your balcony!”

“For the rest of the year, things are a little quieter. Bathurst is Australia’s oldest inland settlement (1815) and the town really flourished during the gold rush of the 1800s, which accounts for the impressive architecture, monuments and beautiful parks. Bathurst combines the best of town and city lifestyle, with a laid back pace and lots to see and do.

“Rydges Mount Panorama Bathurst has 118 guestrooms, from studios to three-bedroom apartments, which are also pet friendly. It’s a great base for a regional holiday, and also caters for the corporate market with unique conference and functions facilities.”