The facility, southeast of Moncton, includes a spa, restaurant, golf course, walking trails and banquet facilities.
It used to include a French-language university and seminary, both of which closed in the 1960s.
The corporation that operated the institute accumulated a debt of $4.5 million and declared bankruptcy last month.
About 80 employees were laid off.
Transportation Minister Claude Williams says he expects to receive recommendations from the committee before the end of the year.
The committee also includes representatives from the village of Memramcook, local post-secondary schools and the province.