Creditors have voted to liquidate the parent companies of The Mercure hotels in Hobart and Launceston.
Lanco Hobart Holdings and Lanco Launceston Holdings went into adminstration in December with debts of more than $20 million.
The administrator Richard Rohrt says there will be no job losses from the 130 staff, for now.
"For the moment it's business as usual," he said.
Investors in hotel rooms also have an anxious wait to see whether they will receive almost $2 million worth of unpaid rent
The lender Tasmanian Perpetual Trustees is the biggest creditor, owed almost $20 million.
The global hotel chain Accor says it is in negotiations to take over management of the hotels.