Ten Square on Donegall Square, just behind City Hall, is an award-winning hotspot which before EY took ownership was once owned by property developer John Miskelly.
Now work is under way to redevelop Belfast city centre hotel Ten Square following a planning application by its soon-to-be new owners.
The 23-bedroom hotel at Donegall Square South was sold to Mr Miskelly by Nicholas and Paul Hill, owners of the Galgorm Resort near Ballymena, in 2008.
The Hills are also now developing another major hotel close by.
Work was due to start this month on the long-awaited Bedford Hotel at the former Scottish Mutual building.
The £12m boutique project is set to get off the ground soon, following delays caused by a government funding shortfall easing the brakes on the build.
And it’s understood fresh tenders have been issued to contractors ahead of the planned work at the six-storey building on Donegall Square South.
Now, a fresh planning application has been submitted on behalf of the firm, Kilmona Holdings, to redevelop the business inside.
That initially includes “internal alterations” on the building, with south Belfast firm Noteman McKee Architects behind the new fit-out at the city centre spot.
It is understood Kilmona Holdings is finalising a deal to take over Ten Square.
It is currently being run by the Dalata Hotel group. Kilmona is headed by Paddy Kearney.
The latest update from the administrators showed Ten Square had clawed back £1.7m in takings since EY moved in, according to recent documents filed to Companies House. It also said that it was “highly unlikely” there would be “sufficient funds” to pay unsecured creditors, owed more than £150,000.