Receiver for Citywest hotelTuesday 06 July 2010 18.08
A receiver has been appointed to Citywest Hotel and Golf Club today on foot of a request from Bank of Scotland Ireland.
The hotel, in Saggart, Co Dublin, has been open for 18 years and is owned by 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.