The National Asset Management Agency has appointed a property receiver to a number of properties owned by developer Sean Dunne.
One of the properties included in the receivership is Hume House in Ballsbridge, which the developer bought in 2006 for €130m.
Last year Nama acquired some land and development loans extended to Mr Dunne by Irish banks.
Paul McCann of accountancy firm Grant Thornton has been appointed to act as receiver.
The former Jury's Doyle Hotel in Ballsbridge is not included in the receivership as it was financed by British-owned Ulster Bank.
In a statement Mr Dunne expressed surprise and disappointment at NAMA's decision.
'It was a shock given the progress made on our NAMA business plan to date was excellent, and well beyond expectations in very tough market conditions.
He said there was no indication of any deterioration in the company's relationship with NAMA and he did not believe the receivers could work out the assets in a more cost-effective manner than his team.