The QHotels Group has secured a three-year refinancing deal, putting its holding company into administration.
The deal with the Irish Bank Resolution Corporation (IBRC) will see QHotels Group placed into administration and be replaced by a new holding company known as QHotels Holdings.
Managing director Michael Purtill and finance director Ian Goulding will continue to run the QHotels business with Tim Scoble appointed chairman of the new QHotels Holdings.
The changes will have no impact on the business, staff, customers and suppliers.
QHotels put four hotels up for sale earlier this year and still owns 21 four-star hotels.