TMR Hotel Collection, owned by Austrian investor Thomas Röggla, has bought the 186-bedroom Tallaght Cross Hotel in Dublin.
TMR said it plans a multi-million euro refurbishment of the hotel with new plans to open as a four-star hotel in early 2020.
The hotel has been closed for almost ten years and its re-opening is expected to create up to 70 permanent direct jobs.
The Tallaght Cross Hotel deal is the group's third hotel purchase this year and its second in the Tallaght area.
In May it bought two four-star hotels - the Plaza Hotel in Tallaght and Harvey's Point in Donegal.
Harvey's Point has been named TripAdvisor's "No 1 Hotel in Ireland" for six of the past seven years.
TMR said that the buying as well as investing in these three hotesl will be close to €60m.
Eimear Fox, Director of TMR Hotel Collection and Davy Real Estate (its representative in Ireland), said that over the coming months the company will implement a multi-million euro investment programme at the Tallaght Cross and Plaza Tallaght hotels.
"We see as a major vote of confidence in the area and a substantial boost to tourism and the local economy," Ms Fox added.