UK-based QHotels Group has called in administrators from PricewaterhouseCoopers.
QHotels, backed by Alchemy Partners, will be transferred to a new holding company controlled by the Irish Bank Resolution Corporation, which holds £370m of the group’s debt.
Tim Scoble, former Thistle Hotels chief executive and non-executive director of Rank Group, has been newly appointed as chairman to oversee a three-year restructuring instead of an immediate sale, the Times said.
The group has taken off the market four hotels valued at £50m it had intended to sell to reduce its debt.
QHotels has a turnover of £130m.