Dublin's Burlington Hotel has been placed in receivership alongside the Cork International Hotel and Parknasilla Hotel in Kerry by Lloyds Banking Group. The bank is owed more than €200m by developer Bernard McNamara.
Receiver Paul McCann of Grant Thornton was appointed as receiver of the three properties this afternoon.
Mr McCann said all three hotels will continue to trade as normal. "All functions and deposits will be honoured and all employees will remain in situ", he said.
The Burlington Hotel and Cork International currently employ 180 staff between them. Parknasilla Hotel is closed temporarily during the tourist off-season but Mr McCann said the hotel would open for business in March.
The receiver has no "immediate plans" to seek buyers for any of the hotels and plans to trade them as going concerns for the foreseeable future.