Rival companies are bidding to take-over the Belmont hotel site after an overseas group dropped out of the race.

It is understood several local organisations, including the owners of at least three Island hotels and two construction firms have shown an interest in the property.

And at least one bid of around $12 million is reported to have been made for the 100-acre site, which includes the empty hotel, golf course and grounds.

The homegrown investors moved in after it became clear that a Canadian consortium bidding to take on the former Forte hotel had cooled on the project.

The Montreal-based group claimed it looked as though they were not competing on a level playing field after a concession package was offered to potential financiers of the Castle Harbour hotel.

After the Government announced the $30 million Castle Harbour deal, the group distanced themselves from Belmont, saying the Government should bring an "across the board'' policy on concessions.

Now it seems likely a local company, possibly with construction connections, could take on the hotel, providing long term jobs for building workers.

It would seem likely that any development would include a residential aspect, hotel and golf course -- similar to the initial proposal.

Originally, plans included a re-designed golf course, hotel and up to 60 villas -- some of which could be leased back to vacationers.

But any bid will have to meet Forte's expectations, who it is understood are in no hurry to simply off-load the property to the first cash bidder that comes along.

Demolition was due to start on the property last year but there has been no activity on the site, after the sale of the contents of the hotel.

The former manager, Gordon Slatford, is responsible for the facility, from his base in Portland, Oregon.