Dalata Hotel Group has submitted a planning application to redevelop its Tara Towers Hotel site on Merrion Rd in Dublin 4.

Dalata is looking to demolish the existing structure and build a 140-room 4-star Maldron hotel on the 1.46-acre site.

The application also includes plans for 70 residential units and a basement car park on the same site.

Dalata bought the site, which is adjacent to the recently developed Elmpark Urban Campus, in January of last year for €13.2m.

The hotel group will seek a development partner in due course to fund and build the residential component of the scheme.

The Tara Towers Hotel will remain open and fully operational while the planning application is in process.

Dalata's Deputy CEO for Business Development and Finance Dermot Crowley said the group considered "a number of options for the Tara Towers Hotel and earlier this year we decided to proceed with a planning application for a mixed used development on the site.

"The hotel has performed very well since we acquired it in January and we are very excited about the trading potential for a brand new 4-star Maldron hotel in this location.

"If the planning application is successful, we will review our options on the development of the site".

In a research note on the planning application, Davy said: "Subject to a smooth planning process, we expect the hotel to close in H1 2018. High interest from development partners is also likely given the location and residential angle."