HOTEL management company PREM Group has bought Merrion Hall, in Ballsbridge, Dublin 4.
In a statement, the firm said it has led a small group of investors in purchasing the property and plans to open it under the Premier Suites brand in July 2014.
The property is partly constructed and PREM Group estimate that the total investment on completion will be in excess of €5m.
Announcing the acquisition, PREM Group managing director Jim Murphy commented: "With its close proximity to the RDS and its easy access to Dublin city centre and the Docklands, we expect Merrion Hall to appeal to business travellers and tourists alike."
PREM Group has also announced its intention to launch an EIIS investment scheme for Merrion Hall in the second half of 2014.
Merrion Hall brings the number of hotels and serviced apartments managed and operated by the group to 37.
Its current portfolio spans Ireland, the UK, Belgium, Germany, France and Poland and includes city-centre budget hotels to luxurious resort properties.
In addition to the acquisition of Merrion Hall, the group said it was also exploring other opportunities for expansion in Ireland and across Northern Europe in 2014.
Meanwhile CBRE and joint agents Mullery Auctioneers have agreed the sale of the Rock Glen Hotel, Clifden, Co Galway.
The property was offered for sale on behalf of Paul McCann, Grant Thornton acting as receiver/manager.
The Rock Glen is situated on the Clifden to Roundstone Road. The hotel, which ceased trading, is said to be located within a popular destination for international and home holiday visitors. The 27 en suite bedroom hotel together with bar and restaurant is on an elevated 23-acre site with coastal views.
Included in the sale is a detached three-bedroom family residence.
The property provides an 80-person restaurant, hotel bar and conservatory, tennis court and ample car and coach parking.
The property was initially offered with a guide price of €450,000.