It comes as a number of bedroom investors, who contributed around £4.1 million to the hotel in the Scottish Mutual Building, announced they are backing Lawrence Kenwright’s efforts to regain control of the Belfast city centre scheme.
Administrators were appointed to Bedford Hotel Ltd in April 2020 after an application by finance firm Lyell Trading, who were owed £7.2 million by the company at the time.
The company was a subsidiary of Signature Living hotel group, owned by Mr Kenwright.
The joint administrators from Duff & Phelps were recently granted a two-year extension to the administration to 2023.
In court documents they have indicated the hotel is only 70 per cent complete, with up to £1.5 million required to finish the project.
The administrators have also applied to the High Court for permission to sell the listed Scottish Mutual Building with the proceeds going to Lyell Trading as the secured creditor.
With little prospect of the 59 bedroom investors seeing a return on their investment in the George Best Hotel, most appear to have backed efforts by Lawrence Kenwright to transfer the unfinished hotel to a new legal entity through a company voluntary arrangement (CVA).
The efforts fall under the umbrella of the UK Accommodation Group, a new company controlled by a number of Signature Living investors, with Mr Kenwright as chief executive.
The company, which is chaired by Co Tyrone businessman Thomas Scullion, is involved with similar CVA proposals for other former Signature Living projects in England.