The Tara Towers on Dublin's Merrion Road has been placed on the market with an asking price in excess of €9 million.

DTZ Fitzgerald is handling the sale of the 111-bedroom hotel in Dublin 4, which was bought in 2003 by Elmpark developers Bernard McNamara and Jerry O’Reilly for €14.2 million.

The Irish Times reports the site should garner a lot of interest from developers in the city due to the shortage of beds available and its convenient location.

The hotel comprises a restaurant and bar, a 300-capacity conference facility and a banqueting hall that can seat 180 guests.

Tara Towers has recently undergone upgrades, however, new owners may wish to develop and extend the premises.