One of the best known names in the hotel industry has been forced into a £100 million sale this week, after its parent company crashed into administration.

Menzies Hotels will fetch a price tag of around £100 million after its parent company Cordial Hotels defaulted on a £165 million loan.

KPMG were appointed administrators on the case, after Cordial defaulted on the restructured £165 million senior debt facility with Lloyds Banking Group.

Bank of Scotland, the legacy legal entity from Lloyds’ 2009 acquisition of HBOS, restructured a three-tranche senior facility nearly two years ago with Cordial Hotels after dwindling repayments began to catch up on the company formed out of a management buyout from former Chief Executive Tim Penter.

The portfolio of hotels, made up of 15 premium hotels around the Country, has been passed on to Christie + Co to handle the sale.

Prospective buyers can expect to receive hotels ranging from London to Glasgow, Bournemouth to Birmingham and even the head office up in Kent.

Speaking in a statement to the Press, Jeremy Hill, Head of Hotels at Christie + Co, said: “We are delighted to be assisting the company on this UK hotel portfolio which we know well. The group represents a very good mix of well-invested assets.”

According to Christie + Co’s public accounts, last year the hotel chain raked in £43.2 million, with two of the hotels each turning over just short of £6 million each.

Menzies declined to comment on either the sale or Cordial.