Fine architecture, great location... so, what went wrong?
It was once a booming city centre venue that played host to a raft of white weddings and business functions.
Opening its doors back in 2000, Ten Square, located in the shadow of City Hall, became one of Belfast's most popular nightspots.
Now it appears to be the latest victim of our struggling hospitality industry.
However, the hotel, bar and restaurant will remain open for business.
The hotel stands on the grounds of what was once a row of Georgian houses, where physician, poet and leading United Irishman Dr William Drennan once lived.
The building itself - Yorkshire House - dates from 1862. That pre-dates the opening of its grand civic neighbour, Belfast City Hall, in 1906, and makes it the same vintage as the nearby Ulster Hall in Bedford Street.
Ten Square's exterior features carved portholes which include the faces of first US President George Washington, physicist Isaac Newton and William Shakespeare.
Aside from its 23 rooms across three floors, it boasts the Grill Room Restaurant and Bar. It also has conference facilities, including the Porcelain Events Suite.
The venue is registered for civil partnership ceremonies and has marketed itself as "the most LGBT (lesbian, gay, bisexual, transgender)-friendly of all Belfast's hotels".
It's also played host to the Miss Belfast final in 2010 and was voted the city's best hotel by Belfast Chamber of Commerce in 2006.
The news that one of Belfast's smaller hotels has entered administration comes amid reports that hotel operators could add more than 500 new rooms to Belfast's Titanic Quarter with the development of three new venues in the area.
Planning permission has been granted for the hotels in the vicinity of Titanic Belfast.