The High Court has approved a scheme of survival for seven companies formally controlled by Galway developer Gerry Barrett, including the five-star g Hotel and four-star Meyrick Hotel in the city.
The news means that the 330 people employed across the business are now safe and trade creditors have been paid.
In late August, an interim examiner was appointed to the hotels, following a bid by Deutsche Bank to appoint a receiver to the business.
The Irish Examiner reports that Justice Marie Baker said she was satisfied to approve the survival scheme which will see the seven companies formally exit the examinership on 21 December.
The report added that the court approved the schemes following lengthy talks between the companies and the firms main creditors Deutsche Bank.
