The hotel, in Saggart, Co Dublin, has been open for 18 years and is owned by well-known businessman Jim Mansfield.
Mr Mansfield has not commented but the hotel's chief executive Sean Whelan has described the decision to appoint a receiver as premature. He said they are considering their legal options.
Mr Whelan said the hotel has been and still is in negotiations with what he called a substantial investor to buy the entire property.
It is believed that HSS, the company which owns Citywest, owes Bank of Scotland Ireland €180m.
The receiver, Martin Ferris of Ferris & Associates, intends appointing an operator to continue trading the business as a going concern. Around 400 people work there.
HSS consists of Citywest Hotel, Conference Centre, Leisure and Golf Resort. The appointment also includes the assets of Jeffel, a land holding company.
Other properties owned by Jim Mansfield also at Saggart, are not affected by the receivership.
These include Palmerstown Golf Club, Finnstown Hotel and Weston Airport.
