The Government has confirmed the selection of Spencer Dock in Dublin as the site for the proposed national conference centre, which is expected to be completed by 2009.
Minister for Tourism John O'Donoghue said yesterday that the Spencer Dock International Consortium - Treasury Holdings and Irish Rail - had been confirmed as the preferred bidder for the centre, which will be constructed on a public-private partnership basis.
The €400 million development close to Connolly Station and the Point Theatre will include a 250-bed, five-star hotel.
Designed by architect Kevin Roche, the proposal already has planning permission.
The consortium will now begin detailed discussions with the Office of Public Works over the design and construction of the facility.
Mr O'Donoghue said the announcement marked "a further critical stage in the process of delivering a world-class national conference centre for Dublin".
The consortium had been selected last year as a provisional preferred bidder.
The go-ahead for construction will, however, require Cabinet approval, which, Mr O'Donoghue said, he expects by the end of the year. "I am totally convinced of the need for a modern, dedicated national conference centre if Ireland is to realise its full potential in the hugely valuable international conference market."
The announcement was also welcomed by tourism groups, which urged the construction of the centre as soon as possible.
Eamonn McKeon of Irish Tourism Industry Confederation said the country "must increase the range of services Ireland can offer business tourists".
The Irish Hotels Federation said the setting of a date for completion of the conference centre would enable the tourist industry to mount a major marketing campaign.