‘Not financially viable' for administrators to complete Signature Living George Best hotel
Administrators have said it is "not currently financially viable" to complete the development of Signature Living's Belfast George Best hotel.
In documents filed with Companies House for Bedford Hotel, the trading name of the 83-bedroom hotel, it was revealed administrators had applied to the High Court to sell the property instead.
Development of the hotel, which was hoped to open last summer, was delayed due to government restrictions from April 2020 and on 24 April joint administrators were appointed.
Documents also revealed the company owed unsecured creditors £12.2m and £4m to investors who ‘bought rooms' in the property. The case is due to be back in court on 3 December.
The group's Shankly hotel in Liverpool, named after footballer Bill Shankly, was also put up for sale by administrators earlier this year after it separately fell into administration.
Signature Living, founded by Lawrence Kenwright, is no longer involved in the Exchange hotel after investors took over the property, or the 30 James Street hotel in Liverpool, which has reopened under Legacy Hotels' management.
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