Flagship Dublin hotel Burlington put into receivership by Lloyds Bank
Published 01/02/2012 | 17:53
DUBLIN’S Burlington Hotel and Ormonde Quay Hotel as well as Cork International and Kerry’s Parknasilla have been put into receivership by Lloyds Banking Group.
It is understood the bank is owed more than €200m by developer Bernard McNamara whose company used to control the hotels.
Receiver Paul McCann of Grant Thornton was appointed receiver this afternoon.
"All functions and deposits will be honoured and all employees will remain in situ", he said.
The Burlington Hotel and Cork International currently employ 180 staff between them.
Parknasilla Hotel is closed temporarily during the tourist off-season but Mr McCann said the hotel would open for business in March.
The receiver has no "immediate plans" to seek buyers for any of the hotels and plans to trade them as going concerns for the foreseeable future.