TROUBLED: The Hobart Mercure hotel.
THE Hobart and Launceston Mercure Hotels would have been closed if an administrator had not been appointed, a creditor's meeting has been told.
The appointment came after the company that managed the strata-titled rooms at the hotels on behalf of investors struck financial problems.
Lanco Hobart Operations and and Lanco Launceston Operations director William Thompson said he had appointed the administrator to ensure continued trading.
"The application for the appointment of a liquidator through the courts forced me to appoint an administrator to take control of the hotel," he said.
"This decision was made ... to protect the unit owners, the primary lender and hotel staff's interests."
The meeting heard Lanco Hobart Operations owed 129 creditors $480,000 and Lanco Launceston Operations owed 157 creditors $700,000.
Lanco bought the Mercure Hobart, in Bathurst St, in 2005 and subsequently sold the 140 rooms to investors for $150,000 with a lease in place.
Investors had expected a 7 per cent return, or $10,500, annually over a 10-year period.
Mr Thompson said Lanco had been unable to meet its obligations to unit owners partly because of a downturn in conferences and a cutback in Tasmanian government spending.
The administrator, Melbourne accountant Richard Rohrt, said the companies could not make rental payments because the companies were "at best revenue neutral".
The meeting heard that Accor had made a proposal to buy the management lots in both hotels.
"If successful, the Accor deal will help protect unit holders' capital investment as well as restore to some extent the income stream from the rental of their rooms," Mr Rohrt told creditors.
Meeting records show some unit owners believed the Accor offer was too low about half Lanco's but Accor representative Haydon Elliott said the rate of return would be significantly less if the hotels were closed.
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