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The plans were submitted to Limerick County Council this week, and Mr Greene is confident that the hotel will be a success, despite the present economic position.
The hotel is to be built on the site between the Unicorn and the roundabout.
The hotel will offer American-style, semi-catering rooms, a gym and underground parking. New automobile access points will also be provided.
Limerick Post understands the Unicorn patrons and locals will also be given a say in naming the new hotel.