Citywest Hotel Taken Into Receivership
DUBLIN, Ireland - 7 July 2010 - One of the largest hotel properties in Ireland could be under threat of closure following a decision by the Bank of Scotland (Ireland) to take it into receivership.
The 1,736-bed Citywest Hotel on the outskirts of west Dublin could now be closed if a buyer cannot be found - potentially costing over 400 jobs in the region.
The property is owned by colourful local businessman Jim Mansfield.
Buyout
However, chief executive Sean Whelan has accused Bank of Scotland (Ireland) of acting prematurely, claiming the group is in talks with a single party over a possible buyout.
“We are in substantial negotiations with a very large investor who wants to buy the entire group,” he explained.
Despite the claims, Bank of Scotland (Ireland) has appointed Martin Ferris of Ferris & Associates as receiver to the company HSS, trading as Citywest Hotel, Golf and Leisure.
HSS consists of Citywest Hotel, Conference Centre, Leisure and Golf Resort. The appointment also includes the assets of land holding company Jeffel.
A statement issued by Ferris & Associates sates the organisation intends to appoint an operator to continue trading the business as a going concern.
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