Tue, 08 Jun 2010 | ADMINISTRATION
An exclusive Irish boutique hotel has gone into receivership – the latest victim of the nation's ailing tourism industry.
Lisloughrey Lodge, the country house hotel adjacent to Ashford Castle in Cong, Co Mayo, had been backed by the businessmen Paddy Kelly and Niall McFadden, but called in the receivers this week.
Ulster Bank has taken possession of the business, with a €10 million exposure to the hotel. It is continuing to trade and will keep all of its current bookings. Accounting firm KPMG has been installed as the receiver and meeting is be scheduled later this month for all creditors, when a liquidator will be appointed.
The current management team – headed by Marc MacCloskey and Hilde Stuiver – will remain in place managing the business, having secured the property's leasehold.
The 28-bedroom was historically the homestead for the manager of Ashford Castle, but was converted into a hotel in 2007, owned an assortment of tax break investors, including Niall McFadden and members of the Kelly family. It boasts a further 22 suites and a spa, overlooking Lough Corrib.
It comes at the end of a brutal two weeks for the Irish hotel trade, with receivers also having been called in for the Johnstown House Hotel & Spa in Enfield, Co Meath, and the four-star Killeshin Hotel in Portlaoise, Co Laois.
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