Lisloughrey Lodge put into receivership

Lisloughrey Lodge Hotel is put into receivership


THE Lisloughrey Lodge Hotel, beside Ashford Castle, has gone into receivership.
Ulster Bank has been forced to take possession of Lisloughrey Lodge, a country house hotel next to Ashford Castle in Cong.
Ulster Bank has a €10 million exposure to the hotel and Kieran Wallace who is head of insolvency with KPMG accountants, has been installed as receiver over the property.
The boutique hotel is backed by the businessmen Niall McFadden and Paddy Kelly.
The hotel was owned by tax break investors, including businessman Niall McFadden and members of the Kelly family. The hotel continues to trade and all bookings are still secured.
The hotel’s management team have managed to secure the leasehold on the property and will continue to manage the hotel on a daily basis.
The previous management of the firm which was controlled by accountants is now in the process of being wound up.
A meeting of the hotel’s creditors will take place later in the month to appoint a liquidator.
Lisloughrey was once the house of the manager of Ashford Castle and was later converted into a hotel in 2007. It has received many positive reviews from travel and food writers since then.
Lisloughrey Lodge overlooks Lough Corrib near the village of Cong, has 28 bedrooms, 22 suites and a spa.