Martin Ferris of Ferris & Associates has been appointed as receiver to the company HSS, trading as Citywest hotel, golf and leisure.
The Citywest hotel is one of the best known conference venues in Dublin and has 1,730 hotel rooms and apartments.
Businessman and property developer Jim Mansfield developed the Citywest site. Reports last month said that Mr Mansfield was in talks to sell his west Dublin property empire to a US firm for a reputed €1 billion. It was also reported recently that his hotel trade was down 18% on last year.
The Citywest hotel which is in Saggart, Co Dublin, has been open for 18 years.
Mr Mansfield did not comment on the development but the hotel’s chief executive Sean Whelan described the decision to appoint a receiver as premature. He said they are considering their legal options.
Mr Whelan said the hotel has been and still is in negotiations with what he called a substantial investor to buy the entire property.
The receiver has been put in place by Bank of Scotland (Ireland) Limited.
Mr Ferris said he intends appointing an operator to continue trading the business as a going concern.
HSS consists of Citywest hotel, conference centre and leisure and golf resort. The appointment also includes the assets of Jeffel, a land holding company.
About 400 people are employed by HSS.
A statement was released by the company last night but a spokeswoman would not give any further details on the matter.
Mr Mansfield’s wealth was estimated at more than €120 million this year, according to recent rich lists, €70m less than last year.