The two places are definately not the same.

Cooilbane House can be seen on the following map:
http://www.british-history.ac.uk/mapsheet.asp?x=143&y=299&sheetid=4622&ox=3798&oy=1902&zm=1&czm=1

The Sulby Glen Hotel, which is still a going concern, is just one door down from the crossroads a little to the east.

I know nothing about the history of brewing in the Sulby/Lezayre area. But according to David Craine in his book Manannan's Isle, in nearby Ballaugh, there were three breweries in 1840, whilst just 10 years earlier there were supposedly one hotel and 17 public houses! This in a village of 1,500 people. Public houses then, were little more than an ordinary house with a room set aside for the selling and consumption of ale.

Cooilbane holiday cottage??
http://www.thebestof.co.uk/the%20isle%20of%20man/21480/1/1/the_best_of.aspx

Cooilbane is an area, a quarterland, north of the Ballacaley road which runs west from Old Sulby crossroads. It is west of Cleanagh quarterland. There would have been a number of properties in that area likely to have Cooilbane in their name.