The failed Hilton Hotel, based in the former Chief Post Office building in Princes Street, was put up for mortgagee sale last month through Bayleys Real Estate.

Sales agent, Robyn Hyndman, says the building is still in the process of being sold and negotiations are continuing.

Hyndman says it’s quite an involved process, which he describes as progressing well.

However, he was unable to give an estimate of when the sale would be finalised.