Wed, 16 Nov 2011 | BUSINESS SALE
Four hotels located across Northern Ireland have been put onto the market following the owners' collapse into administration.
The hotels for sale include three in County Antrim – the Highways in Larne, the Coast Road in Carrickfergus and the Marine in Ballycastle – and one, the Fort Lodge Hotel, in Enniskillen. All four of the hotels are being marketed for sale through the Osborne King property agents.
The Highways was formerly owned by Network Trading Group, based in Banbridge. However, the company fell into administration in October of last year, with debts totalling £43.5 million owed to Bank of Scotland (Ireland).
The Marine was previously owned by McAlister Investments, which was placed into receivership in May of this year by Northern Bank. The BBC reported that the hotel had been empty for a period of time prior to May.
Both the Highways and the Marine have asking prices of £800,000, meaning that the banks are not likely to recoup all of their funds.
Whilst Northern Bank lent McAlister Investments around £1.3 million, it would still stand to lose a substantial amount of money even if the full asking price for the hotel was achieved.
One of the other hotels for sale, The Coast Road Hotel, shut its doors to customers earlier this year when its owner was shut down following an unpaid tax bill.
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