Tweeddale MP David Mundell is to hold discussions the with the hotel group, which operates the Peebles Hydro and the The Park hotel in the town, to see if he can assist in any way.
He has expressed deep concern after being contacted on the issue by Stephen Leckie, chairman and chief executive of the owners, Crieff Hydro Family of Hotels, about the potential loss of up to 241 jobs across their sites.
Mr Mundell said: "A sharp fall in future bookings and anticipated increased costs going forward after the Covid-19 restrictions are lifted, mean the hospitality industry is one of the hardest hit sectors in the south of Scotland.
"The Hydro is a flagship destination and it, along with The Park and our other excellent local hotels, are key to the recovery of the tourism industry across Tweeddale.
"I'm pleased Scottish Enterprise and other agencies are becoming involved and I will look to see what other avenues can be explored to safeguard jobs.
"Helping our hospitality industry must remain a high priority for the Scottish Government during the challenging months ahead.
"A good start would be to give the industry an indication of when hotels are likely to open again."