A chain of pubs and hotels across East Anglia and Essex has gone into administration.
The company was placed in administration because of financial liabilities of three companies — Cavendish Hotels, Elizabeth Estates (BS) and Elizabeth Hotels — owned by Suffolk property millionaire Richard Cattermole.
Licensed leisure specialists Colliers Robert Barry has been appointed by administrators KPMG to handle the sale of 11 hotels and three investment properties owned by the firm.
The administrators have not yet decided who will handle the sales of the group's 13 pubs.
Allan Graham, KPMG partner and joint administrator said: "The company's financial liabilities made it impossible to continue running the businesses as they stood. We will continue to trade the business in the short term whilst a buyer is sought for the hotels and pubs, individually or as a group."
The portfolio includes a wide range of styles of business, from the 95 bedroom Hotel Elizabeth in Hull to the 12 bedroom King's head Hotel in Beccles, Suffolk.
Peter Brunt of Colliers Robert Barry added "the UK hotel market is currently very short of opportunities for buyers. Our experience of offering hotels to the market for administrators is that interest levels are strong. We are inviting offers for both individual units and groups of hotels."
The businesses employs 462 people.
The administrators said yesterday they hoped to honour all customer deposits paid for events at the hotels over the Christmas period.