The Von Essen Group’s banks have placed the hotel business into administration, Financial News reports. Barclays and Lloyds Banking Group have named Ernst & Young as administrators after the U.K. hotel group failed to make interest payments on debts of more than £250 million.
Von Essen owns 28 hotels in the U.K. and France, including the Royal Crescent Hotel in Bath and Amberley Castle in Sussex. The properties and assets were last valued at around £430 million, adds The Telegraph.
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