Property developer Eugene Larkin is spending €40 million to bring the Park Plaza Hotel brand to the Republic for the first time.

Mr Larkin, the developer responsible for the Tyrrelstown Town Centre initiative in west Dublin, is constructing the hotel in Tyrrelstown and it will be operated under the the Park Plaza name.

The two parties claim the 155-bedroom hotel will generate up to €9 million in annual revenues for west Dublin through tourism and business links.

They say it will be the "first high-end, four-star hotel in the wider west Dublin area when it opens in August".

"This hotel represents a serious investment in Tyrrelstown on our behalf," said Mr Larkin. He said there were more than 4,000 people living in his company's residential development in Tyrrelstown.

Mr Larkin will continue to own the hotel property after it opens and will share profits from the venture with Park Plaza.