Signature Living's Belfast George Best hotel falls into administration
Further Signature Living companies have fallen into administration, including its George Best hotel in Belfast, which was due to open this summer.
Matthew Ingram and Michael Lennon of Duff & Phelps have today been appointed joint administrators of the company's Bedford Hotel, trading as the George Best hotel.
The property was due to open in June, with 83 fully furnished rooms all themed around footballer George Best.
Lennon said: "The renovation of the hotel is in the latter stages of completion and is due to be launched later this year. In order to protect its investment and provide a platform from which the hotel can be completed, Lyell Trading Limited have taken steps to appoint the joint administrators.
"We recognise the value of the George Best hotel as a finished development and trading hotel. In so far as it is possible, advance bookings and reservations remain unaffected. We will be exploring all options with the current funders to maximise its value and ultimately the return to creditors.
"Like Signature Shankly Limited, we are aware that there are a number of bedroom investors that have paid deposits. We will be contacting all investors at the earliest opportunity to confirm our appointment and gather further information."
Duff & Phelps was also appointed to Signature Living Hotel on 15 April, a company which holds various freehold and leasehold interests of the wider Signature Living Group, including the building from which the Shankly hotel trades.
Signature Shankly, the property subsidiary of Signature Living's Shankly hotel, fell into administration on 9 April. The administrators later confirmed that part of their role will be to investigate how investors' money has been spent by the company.
Meanwhile, FRP Advisory has been appointed to oversee the administration of Signature Living Residential, understood to be Signature Living's property development company, and a winding up petition has been issued against Signature Living Coal Exchange, according to the Gazette.
Founded in 2008, Signature Living operates six trading properties in the UK, including the Signature Living aparthotel, 30 James Street, Arthouse hotel and the Alma de Cuba bar-restaurant in Liverpool. The group has 12 other properties under construction and opened its first hotel outside of Liverpool, the Exchange hotel in Cardiff, in 2017.
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