Dalata Hotel Group has announced a deal to buy the Tara Towers Hotel in Dublin 4 for just over €13m.

The deal is expected to complete in the next month and the group will pay cash.

The 111 room three-star hotel is located on the Merrion Road in Dublin, just adjacent to the new Elmpark business campus.

Dalata said it plans to invest €4.5m in a refurbishment programme to convert it into a modern four-star hotel and will rebrand it as a Maldron Hotel.

Shares in the company moved higher in Dublin trade today.