Sharrow Bay Country House Hotel in Ullswater in the Lake District is set to be placed into liquidation.
The 26-bedroom hotel, which was first opened in 1948, have appointed Hampshire-based administrators Portland, with a resolution to consider the winding up of the iconic hotel due on October 2.
According to Companies House, the hotel was taken over by administrators on September 23.
Reports from local press also found that Portland had first been contacted by director of Sharrow Bay Hotel Ltd, Andrew Davies, on July 3.
Customers on TripAdvisor have complained that deposits for bookings have not been returned to them.
Sharrow Bay first opened in 1948 by Francis Coulson, along with his partner Brian Sack, who joined him in 1952.
In 2003, the hotel was sold to Von Essen for £5m, before the chain went into administration.
In 2012, Sharrow Bay was sold to private equity company Hamilton Bradshaw, run by Dragons’ Den investor, James Caan for £1.5m.
The following year, Davies stepped back in as owner and invested heavily into the hotel.