Fri, 12 Apr 2013 | ADMINISTRATION
A well-known hotel in Northern Ireland, The Ramada, has been placed into administration by the National Asset Management Agency (Nama).
The business is continuing to trade as normal and bookings and reservations are being honoured. Previously owned by the Kennedy family, the award-winning hotel has 69 bedrooms and revenues of £2.2 million.
The owners of The Ramada were told on Thursday afternoon that insolvency practitioners have been brought in and will take over managing the hotel. The 50 staff have since been informed.
The owners have not been able to meet to discuss matters with Nama, even though they have made several attempts to do so over the past few months. There has been no comment on the situation from the Irish government agency, which has upheld that it would not be beneficial to hold a fire sale of its properties.
Gregory Campbell, the East Londonderry MP, voiced his concerns that the move could set off a fire sale of other properties owned by Nama in NI.
Mr Campbell told the BBC, “This is a well-run profitable establishment and the owners and many people in the community can’t understand why Nama has moved to put it into administration.”
The hotel is important to the area and Campbell is unsure why Nama has made this move as the hotel enters its most profitable time of the year.
“Over the course of the next four months, the profits for the next 12-month period in the most tourist-related businesses will be generated.”
“It seems an odd way to move but particularly in advance of any discussions to try and see can this be operated in a better way,” he added.
The construction division of the Kennedy Group was placed into administration in October 2010. Several properties repossessed by Nama included an industrial site in Coleraine, thought to be the former home of Kennedy Concrete Products.
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