The €65 million sale of the Central Bank's iconic Dame Street headquarters, and its associated properties, is expected to be narrowed down to three or four parties when the deadline for bids arrives on 19 October.
However, it now appears unlikely that the property will be converted into a hotel, with one party saying "the numbers for a hotel simply don't stack up", reports the Irish Independent.
The master plan for the property, which was conducted by Henry J Lyons architects, estimated that the building has the potential to accommodate 108 hotel rooms, however the €65 million price would equate to a cost of €601,000 per room before any refurbishment would have taken place.
Another potential buyer commented that the building's two floors of underground car parking and its plaza make it more likely to be converted into office and retail space.
Estate agents Lisney expect bids in the region of €2m and €14m to be made for nearby Lots 2 and 3 and believe that a single buyer could secure all three lots for in around the €80m mark. The properties include the majority of a city block bounded by College Green and Dame Street to the south, Cope Street to the north, Anglesea Street to the east and Upper Fownes Street to the west.