UK property group Marlin, which is headed by Irish CEO John Corless, has secured planning permission for a development of serviced apartments, bar and restaurant on Dublin's Aungier Street.
The development will include a health and wellness centre at a venue that will serve as an annex to a Marlin Hotel that is being built.
That €60m hotel is being backed by a number of wealthy Irish investors.
The Irish Independent revealed in 2016 that the financial backers of the project include the former ESB deputy CEO John Shine, who has invested €250,000. Mr Shine is also the former managing director of Openeir at Eir Ireland.
Other investors in the hotel scheme include Phelim Moylan, the former managing director of South Midland Construction, which went into liquidation in 2007. He invested €350,000 in Marlin's Irish arm.
Other investors in Marlin's Irish venture include Micheal Mee, a son of tech entrepreneur Paschal. Mr Mee was at one stage a director of his father's AMT-Sybex software firm, which was sold in 2014 for an initial €100m in cash by outsource services giant Capita.
Marlin will open its new 300-bedroom hotel in Dublin in July, creating 110 jobs. It will feature a 24-hour gym and indoor garden.
The firm said that the buildings on Aungier Street are among the oldest in Dublin, and will be restored.
"The project will have a transformative effect on this dilapidated section of the street and will enhance the area as it becomes established as the Aungier Street Quarter," it said.
A number of new hotels have opened in the capital.
Meanwhile in Cork city centre yesterday, Ireland's biggest hotel group, Dalata, officially opened the 163-bedroom Maldron Hotel South Mall.
The hotel was developed at a cost of €34m and created 100 jobs.