More than 300 jobs are at risk as the company struggles to cope with a financial crisis.
But an agreement between administrators and the project's bankers is likely to see the Macdonald Hotels Group emerge as the eventual owner.
But an agreement between administrators and the project's bankers is likely to see the Macdonald Hotels Group emerge as the eventual owner.
The group, Lloyds TSB and building firm Tulloch have a stake in AHR.
In February, an £80m plan to redevelop the complex was given the green light by the Cairngorms National Park Authority (CNPA).
Planning officials recommended that the board members granted approval as long as 33 planning conditions were met.
These included ensuring that 25% of the housing built as part of the expansion was affordable.
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