Receiver takes over top hotels
SEVERAL hotels owned by developer Bernard McNamara, including Dublin's Burlington Hotel, have been put into receivership.
The Parknasilla Hotel, in Kerry, and the Cork International have also been put into receivership by Lloyds Banking Group.
The bank's subsidiary, Bank of Scotland Ireland, is owed more than €200m by the Co Clare developer.
The Burlington Hotel and Cork International employ 180 staff between them.
Parknasilla Hotel is closed temporarily during the tourist off-season but is due to open in March.
Mr McNamara paid €288m for the Burlington, in central Dublin, and a further €100m for an adjoining site -- from insurer Allianz -- and had received planning permission to develop the sites.
Then, in 2006 he also purchased the Parknasilla Hotel, which had been part of the Great Southern Hotel group owned by the State, for €44m.
Receiver Paul McCann, of Grant Thornton, was appointed as receiver of the three properties and said that all three hotels would be open for business as usual.
"It is my intention to continue to trade each of the hotels," he said. "All staff will continue to work for the receiver and all deposits and pre-payments from customers will be honoured," Mr McCann added.