Bosses at the Mount Murray hotel have pledged to have it up and running again as soon as possible.
Although the accommodation block has been completely gutted, the function rooms, gym and other facilities are operational.
A spokesman for the hotel's owner says they will be working round the clock so that it's business as usual in those areas.
Brian Stowell, the technical director of the group which runs the hotel, says repairs will be costly:
Clip 1
'Possibly the most prolific drug dealer the island has seen' sentenced
'He was a career drug dealer who believed that he would not be caught'
Ramsey MHK resigns from departmental posts
Leader of the Liberal Vannin party is encouraging people to join a political party
Analysis: Could the next Budget leave you with more take-home pay?
Treasury modelling and recent remarks in Tynwald offer clues about a potential rise in the personal tax allowance
Jail for mother who violently shook her infant son
Boy 'has sustained life changing injuries and will always require specialist medical care'