The four-star 87 bedroom Killeshin Hotel, where developer Bernard McNamara is a major investor, has been put into receivership at the request of Anglo Irish Bank, according to a report in the 'Irish Independent'.
The hotel has been struggling financially for some time, although receiver Grant Thornton intends to keep it open.
According to the hotel's website, the property is owned by Killeshin Properties Limited. The accounts for that company covering 2008 show McNamara as a 50pc shareholder, along with two other directors, Neil O'Carroll and Noel Conolin, who hold smaller stakes.
Grant Thornton said an insolvency practitioner Gearoid Costelloe and his team will now evaluate the needs of the business.
"It was the receiver's intention to restructure the hotel and put it on a sound financial and commercial footing," said a spokesman. "The receiver believed the hotel could be brought to a position where it could break even and yield an operating profit. It was an excellent and very well-maintained facility," he added.
The hotel has been struggling financially for some time, although receiver Grant Thornton intends to keep it open.
According to the hotel's website, the property is owned by Killeshin Properties Limited. The accounts for that company covering 2008 show McNamara as a 50pc shareholder, along with two other directors, Neil O'Carroll and Noel Conolin, who hold smaller stakes.
Grant Thornton said an insolvency practitioner Gearoid Costelloe and his team will now evaluate the needs of the business.
"It was the receiver's intention to restructure the hotel and put it on a sound financial and commercial footing," said a spokesman. "The receiver believed the hotel could be brought to a position where it could break even and yield an operating profit. It was an excellent and very well-maintained facility," he added.
