Lloyds Bank has appointed a receiver to the Burlington in Dublin, The Parknasilla Hotel in Kerry and Cork International  Airport Hotel over debts of more than €200 million owed by property developer Bernard McNamara.

Paul McCann of Grant Thornton has taken control of the hotels, including the five-star Parknasilla in Co Kerry and the Cork International Airport Hotel, as well as the former Ormond Hotel on the north quays in Dublin.

The three hotels will remain open, said Mr McCann, and all bookings and deposits for events will be honoured. The group’s 250 employees will retain their jobs.

Mr McCann said there were no immediate plans to sell any of the hotels. “The bank wanted to take possession of the assets and look to evaluate the options,” he said.

There are 150 people employed at the Burlington, 70 in Parknasilla and 30 in Cork International. The Parknasilla is closed for a tourist off-season but will reopen in March. The Ormond closed in 2006 shortly after Mr McNamara purchased the property. He tried unsuccessfully to sell it in 2009.

Mr McNamara acquired the Parknasilla hotel in Sneem, Co Kerry, for almost €40 million when seven of the eight hotels in the Great Southern chain were sold in 2006.

He purchased the Burlington for €288 million in 2007 in a deal that involved Bank of Scotland (Ireland) as a joint venture partner in his planned redevelopment of the Dublin 4 hotel and adjacent site.