Receivers have been appointed to Kilcoran Lodge Hotel near Cahir.
The owners had successfully secured court protection last December to allow it to continue trading after one of the Chinese investors who had funded its purchase in 2018 had sought repayment of the loan.
Kilcoran Lodge Hotel at the foot of the Galtee Mountains was bought for €1.7 million in 2018 by Paul Bowes and his daughter Triona.
It was bankrolled by Chinese investors under the immigrant investment programme.
Late last year one of them sought to have the loan repaid which led to Mr Bowes seeking the appointment of an examiner to allow the hotel continue trading which was granted by the courts.
However a report in the Irish Independent says the investors have now had Joseph Walsh and Padraic O’Malley of JW Accountants in Dublin as receivers within the past few days.
Mr Walsh had initially been appointed examiner at Munster Strategic Investments on foot of the application by Paul Bowes.
Mr Bowes business partner John Flannery told Tipp FM that while they had reached agreement with all but one of their secured creditors since the appointment of the examiner this unfortunately led to the receiver being appointed.
He said they were staying in situ as a management company and the all bookings and pre-payments will be honoured
John Flannery also said he was hoping that Kilcoran Lodge – which employs 37 people – would come out of receivership fairly soon.
