The move, by owner, Royal Bank of Scotland, follows the failure of talks aimed at keeping the ailing hotelier afloat and is the first stage of a restructuring of the group.

Receivers, Kroll Associates, will take over operation of the hotels but are expected to retain their existing management and staff. A similar arrangement at the other nine Le Méridien sites owned by RBS, under a sale and lease back agreement, is expected to be announced shortly.

The bank is believed to have had expressions of interest from Hilton, Marriott, Accor and Fairmont in assuming management of the hotels.

The fate of the company’s 126 overseas hotels is still under discussion, with merchant bank Lehman Brothers – holders of about £240m of mezzanine debt in the company – and hotel group, Hyatt, attempting to put together a package to take over their operation.

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