Dalata Hotel Group has agreed a deal to lease a new hotel in the Dublin Docklands area.
The new hotel will form part of the Spencer Place project, which will extend to over 1 million square feet and is being developed by a joint venture of Ronan Group Real Estate and Colony Capital.
Construction of the new hotel has started with a target opening of the last quarter in 2020.
It will have over 200 bedrooms along with bar and restaurant facilities and Dalata said it will keep with the design and appearance of the overall Spencer Place development.
Dalata said it will operate the hotel on a 35 year operating lease which will be subject to five year rent reviews linked to the consumer price index.
The Spencer Place project scheme includes 430,000 square feet of Grade A office space, which has been already fully let to Salesforce who plans to create 1,500 new jobs over the next five years.
Dermot Crowley, Deputy CEO of Dalata, said the new hotel will be superbly located to benefit from the very significant investment taking place in the docks area.
"The Dublin hotel market as a whole continues to perform very well and we are pleased that we will be bringing another quality hotel to the city," Mr Crowley said.
He said today's announcement brings the number of hotels in the company's development pipeline to nine with over 2,300 rooms in Dublin and the UK.
"We remain confident of announcing further new deals in 2019," he added.