Hotel complex put into receivership
Published 06/07/2010 | 18:42
One of the country's largest hotel complexes has been taken into receivership.
The 1,736-bed Citywest Hotel on the outskirts of west Dublin - open for 18 years and owned by businessman Jim Mansfield - is facing the action after a move by Bank of Scotland (Ireland).
Sean Whelan, chief executive, accused the bank of acting prematurely and claimed the group is in talks with a single party over a possible buyout.
"We are in substantial negotiations with a very large investor who wants to buy the entire group," he said.
Receiver Martin Ferris, of Ferris & Associates in Dublin, has been appointed to the business known as HSS, which owns Citywest Hotel and apartments and town houses in Saggart, Co Dublin.
About 400 people are employed at the hotel. The wider group, created by developer and businessman Mr Mansfield, also includes Finnstown Country House Hotel, Palmerstown Golf Club and Weston Executive Airport.
It is understood the receiver wants to appoint an operator to continue trading the hotel business as a going concern.
"We believe that Bank of Scotland (Ireland) acted prematurely," Mr Whelan added.
Citywest management said staff would co-operate fully with the receivership programme under Ferris & Associates. The complex is billed as Ireland's premier conference, leisure and golf resort.