Irish property group Tetrarch Capital has been reportedly given the planning green light for a new multi-million euro hotel complex in Dublin city centre.

The plan for the new development includes a 393-bedroom hotel, a 202-room aparthotel and 21 apartments, reports, which added that industry sources estimated the cost of the development at €80m to €90m.

The proposed eight-storey development, located close to Trinity College on a one-acre site bounded by Townsend Street, Moss Street and Gloucester Street South, is set to become one of the capital's largest building projects.

It's expected that once  completed hotel and aparthotel will employ about 300 full-time staff.

In June, it was announced that the sale of 7-9 Parnell Place, as well as 1-2 Deane Street, in Cork city had been agreed with Tetrarch Capital.