Hotel operator was unable to manage "unsustainable debts" on reduced revenue
The historic Watermill Hotel in Paisley has been forced into administration.
Joint administrators Paul Dounis and Ken Pattullo of Begbies Traynor were appointed as administrators on January 11.
The hotel, which employs 34 staff, was forced into administration “under the burden of unsustainable debts”, the administrators said.
Begbies has appointed Colliers International as property agents to sell the freehold of the hotel.
The 49-bedroom Watermill Hotel, which dates back to the seventeenth century, will continue to trade as a three star hotel, restaurant, bar, conference and wedding venue as the administrators took to find a buyer.
Paul Dounis said: “We have been able to continue to trade the Watermill Hotel for the present time, and as far as bookings, staff and customers are concerned it is business as usual.
“We are actively marketing the hotel as a going concern and we are optimistic that a buyer can be found for this as an investment either by an individual or a larger chain of hotels.
“The hotel is very well located in the centre of Paisley and attracts a good balance of business and leisure trade.
“The venue has been run by the same owners for the past 11 or so years, but unfortunately the economic downturn made it impossible for revenues to cover the cost of servicing the debt of the company and meet its financial obligations.”