Signature Living's Coal Exchange hotel in administration
Administrators have been appointed to Signature Living's Coal Exchange hotel in Cardiff, the latest of the group's hotels to fall into administration.
Kelly Burton and Lisa Hogg of Wilson Field have been appointed administrators of Signature Living Coal Exchange and will be issuing proposals within eight weeks of the appointment that will provide further details for creditors.
The group's George Best hotel in Belfast, which was due to open this summer, also fell into administration last month, as did Signature Shankly, the property subsidiary of Signature Living's Shankly hotel. The administrators later confirmed that part of their role will be to investigate how investors' money has been spent by the company.
The 200-bedroom Exchange hotel opened in 2017, following a £42m investment into the Welsh capital's former Coal Exchange building.
Signature Living announced last year that it intended to sell or refinance "many" of its properties following reports of investors' concerns over repayments.
A spokesperson for the group at the time said that, due to Brexit, it had seen a slowdown in sales and funding, which has coupled with planning issues as the company seeks to repurpose old buildings as hotels.
Signature Living put two of its Liverpool hotels on the market, the 59-bedroom Shankly hotel and the 63-bedroom 30 James Street hotel, for more than £35m and £16m, respectively, but a sale never materialised.
It also put two of its Belfast properties up for sale, the former Crumlin Road Courthouse and War Memorial building, which it had intended to develop into hotels.
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, with multiple properties under construction.
Signature Living to sell or refinance sites to repay investors >>
Signature Living's Belfast George Best hotel falls into administration >>