The Dalata Hotel Group has announced it's taking over the Tara Towers on the Merrion Road.
It's lodged a planning application to seek permission to revelop the building as a 4 star Maldron Hotel.
It will include 140 rooms, a bar and restaurant and conference facilities.
The company also plans to develop 70 residential units with a basement car park.
Dalata says the hotel will remain open for business while it waits to see if it gets planning permission.