CORK City Council is set to sell three landmark city centre buildings on Parnell Place for use as a budget hotel and designer hostel.
The buildings at 7, 8 and 9 Parnell Place, backing onto 1 and 2 Deane St are adjacent to the Bus Eireann terminal and were formerly occupied by Flor Griffin and Mahers Sports.
The buildings are expected to be sold for twice the price that City Hall paid in acquiring them.
The City Council acquired the buildings more than three years ago from Nama for €1.1m. It was originally suggested that they would be used for business and tech startup companies.
However, in February of this year, the Council began seeking expressions of interest from businesses interested in developing the buildings.
It is understood City Hall officials now plan to sell the buildings for more than €2m to a Dublin investment firm who have interests in a number of hotels.
The company plans to redevelop the site for use as a budget hotel and hostel with a bar and restaurant on he ground floor.
The sale of the buildings will require the consent of city councillors.
The arrival of another planned hotel means the Parnell Place and the eastern edge of the city centre has a number of hotel developments in the pipeline.
Permission was granted in April for a 165-bed Maldron Hotel on Parnell Place and the South Mall.
A new pedestrian bridge is planned for Merchant's Quay that will connect up to the redeveloped Metropole Hotel where an extra 183 rooms are planned through a major renovation.
A planning decision is also imminent on a planned floating hotel to be located at Penrose Quay.