Construction work is due to start on site by year’s end for a 165-bed Cork city centre hotel, adjacent to the bus station and alongside the Prism office tower site: both key sites cleared planning in recent weeks.

Operating profits at the firm that operates the Dublin Convention Centre last year increased nine fold to €5.4m, new figures show.

The company that runs the Convention Centre in Dublin made a €6m profit for the year ended Feb 29, 2012, according to filed accounts.