Treasury Holdings confirmed yesterday that would invest €120 million to develop Ireland's first Ritz-Carlton Hotel at Powerscourt in Co Wicklow.

The hotel will create up to 800 jobs, with 300 of these to come at the property itself.

The remaining 500 staff will be employed directly and indirectly during the hotel's two-year construction phase. It is scheduled to open late next year.

Treasury Holdings will continue to own the property while Ritz-Carlton will have the exclusive contract to operate it for the long term.

Ritz-Carlton predicted yesterday that the hotel would generate revenues of up to €60 million annually for the Republic's tourism industry.

The 28,000 sq m property will be built within the confines of the 405-hectare Powerscourt Estate near Enniskerry. It will be developed to a five-star standard, with 203 rooms, most of which will be suites. The Presidential Suite alone will extend to almost 280 square metres.

The hotel's ballroom and meeting rooms will accommodate up to 1,000 people.

Simon Cooper, president and chief operating office of the Ritz-Carlton Group, yesterday described the expansion as "an important strategic move" for the company.

"With the Irish economy thriving, it is the ideal time to establish our world-renowned brand, which will set new standards in luxury accommodation in Ireland," Mr Cooper said.

Ritz-Carlton expects to capitalise on Powerscourt's proximity to a number of business parks and large multinational companies.

The hotel will have access to two golf courses on the Powerscourt Estate, thus allowing Ritz-Carlton to market it to travellers who wish to mix business with leisure.

Mr Cooper expects that the property will also generate "very strong demand" for weekend and mid-week breaks concentrating solely on leisure.

Dining within the hotel will span four lounge and restaurant areas, including a terrace restaurant overlooking the Sugarloaf Mountain.

The property will also house a 2,800 sq m E'spa spa which will include 24 treatment rooms, a gym and a swimming pool.

Treasury, owned by developers Richard Barrett and Johnny Ronan, is experienced in bringing major international hotel operators into the Irish market.

In 2001, the company developed the five-star Westin Hotel in a former bank in Dublin's Westmoreland Street for the Starwood Group.

Mr Cooper said Ritz-Carlton had started to look at expanding into Ireland four years ago, but had halted all investment for a year in the wake of the attacks of September 11th, 2001.

The Ritz-Carlton brand is owned by Marriott but is operated independently.