Landlord takes over Reef Hotel due to dire financial straits

REEF hotel is in financial dire straits, with its landlord taking over management on Thursday.

Star Hotels' Steven Shoobridge is in charge of the rescue effort on behalf of the landlord.

"The landlord has taken possession and is reinvesting back into the property to ensure it's a successfully run hotel, and is here into the future," Mr Shoobridge told The Observer on Friday.

The landlord said a comment would not be provided as it was now a legal matter.