Ashford Castle Hotel in Cong, County Mayo, has been placed in receivership.
The receivers, Luke Charleton and David Hughes of Ernst & Young, say it is their intention to continue to trade for the foreseeable future.
They said it will be a case of business as usual with no job losses, suppliers being retained and "full commitment to the scheduled Christmas programme for the hotel".
"All events booked with the hotel will go ahead as normal and deposits paid will be honoured", a statement from the receivers said this evening. "The receivers will have access to the necessary funding to maintain and, if necessary, enhance the current high standards of the hotel", the statement added.