The hotel was acquired by the company in January 2016 and is located on a 1.46-acre site adjacent to the Elmpark Urban Campus.

The planning application includes the demolition of the existing structure and the construction of a mixed-use scheme.

The development will include a four-star Maldron hotel with 140 rooms, a restaurant, bar, meeting facilities, 70 residential units and a basement car park.

•   71 new council homes to be built in Wandsworth
•   Historic racecourse granted planning permission
•   Plans submitted for £2m Piccadilly Gardens transformation

Dermot Crowley, deputy CEO for business development and finance at Dalata Hotel Group, said: “We considered a number of options for the Tara Towers Hotel and earlier this year we decided to proceed with a planning application for a mixed-used development on the site.

“The hotel has performed very well since we acquired it in January and we are very excited about the trading potential for a brand-new, four-star Maldron hotel in this location.

“If the planning application is successful, we will review our options on the development of the site.”

Dalata intends to seek a development partner to fund and build the residential element of the scheme.

The Tara Towers Hotel will remain open and fully operational while the planning application is in process.