"Essentially new rooms, a whole new kitchen/restaurant/bar - there previously wasn't a restaurant and bar in there.
"She is putting it on the market lock-stock-and-barrel so somebody has the opportunity of coming in and buying the building and establishing and running the business themselves," Mr Gollins said.
Last year the Heritage Hotel Boutique Collection was ready to take over the hotel under a management agreement.
"At that stage Maureen's health issues started to appear and she could see that she might want to exit, so she froze the situation.
"The hotel is not doing any advertising or promotion and it probably needs a change of name - I'm not sure Viceroy is the ideal name for it."
The sale is advertised as coming with a "$1 million gift".
"There is an opportunity now for somebody to buy the business and get that business running," Mr Gollins said.
"Someone with experience in hotels or motor inns will know they can walk in and are all set to start trading with 40 rooms, restaurant and bar."
After "a year or two" it would be worth up to $2 million "and that person would still own the property".
"They could put a lease in place for 30 years, sell the business and they would get a good return on the property."
Mrs Young said the management agreement was still available but a new owner may wish "to take over the whole thing and just run it themselves".
"I've had a 42-unit hotel which I've run before in Wellington with 28 caravan parks and a restaurant, so a couple could buy it and run it," she said.
"It is looking lovely - we have updated some of the stuff in the restaurant and have got some good people behind the desk."
The hotel made headlines last year after contractors claimed they were out of pocket.
Mrs Young used a separate company to refurbish the former Tennyson Motor Inn but once the work was completed at the end of 2012 the refurbishing company, Central City Inn Ltd, went into liquidation.
The PWC January 2014 liquidator's report said a management agreement existed between Central City Inn and a related company, Tennyson Properties (2009) Ltd, which owned the Viceroy and was also directed by Mrs Young.
A review of the agreement and flow of funds led the liquidator to believe that Tennyson was indebted to Central City Inn.
Liquidator Jeremy Morley told Hawke's Bay Today that proceedings against Tennyson properties went before the High Court in Wellington on Tuesday but the matter was adjourned.
The claim on behalf of the refurbishment company creditors was about $76,000.
He said a settlement agreement was close and the liquidator was not a party to the hotel sale process.
The neighbouring Provincial Hotel is also on the market, as it has been for many years.
Owner Brett Burgess said there was no sign of an imminent sale.
"We had it sold about four years ago, but the guy who was buying it fell over in the recession," he said.
"We have had a couple of developers interested in the last 12 months, but at the moment it's sitting there waiting."
He has owned the hotel since 1990. The building has a long-term partial lease with bar operator Joe Taylor.
It has a 2011 council valuation of $920,000 and is listed with Property Brokers for $840,000.