The Ormond Hotel on the north quays is set to be demolished and redeveloped, three years after planning permission was sought.
The former hotel overlooking the Liffey has been lying idle for years. It was bought for €2.5 million in the middle of the recession.
In 2013 planning was sought to demolish the hotel and replace it with a 170 bed room 6 storey hotel.
But that was turned down and the company, owned by Queens Park Rangers boss Tony Fernandes, put together a new plan for a smaller project - a 5 storey hotel with 121 bedrooms.
The hotel features in James Joyce's Ulysses and its redevelopment was granted planning on condition it retains a Joycean theme.
It has to be called the Ormond Hotel to reflect its significiance.
There are also plans to write text from the famous book into the floor.