Property developer Bernard McNamara is expected to reopen the Burlington Hotel in the coming weeks.
It is understood that Mr McNamara is negotiating to purchase the four-star hotel's fixtures and fittings from the Jurys Doyle hotel chain, which closed the property yesterday.
This could cost him up to €1 million, based on the price paid last year by a UK hotel operator for the fittings in Jurys Ballsbridge.
It is understood that tour operators were informed recently that the 400-bed Burlington would take bookings for the busy tourism season this year.
Mr McNamara is also believed to have appointed one of his management staff from his Parknasilla hotel in Co Kerry to run the landmark property. Mr McNamara received the keys to the hotel at midday.
It is understood that connections to essential utility services, including electricity, were maintained to facilitate its reopening in the coming weeks.
Mr McNamara acquired the hotel for €288 million in March 2007. He also spent about €100 million buying adjoining land that was formerly the headquarters of Allianz.
He is expected to enter discussions with Dublin City Council about plans to develop the sites, which have frontage on to Upper Leeson Street, Sussex Street and Burlington Road.
Any development could, however, take years to make progress prompting Mr McNamara to operate a hotel on the 3.8-acre site in the intervening period.
It is not clear what brand Mr McNamara will use for the hotel. He already has extensive hotel interests as an investor in the Shelbourne, Conrad and Montrose hotels in Dublin.
In addition to the Parknasilla in Co Kerry, he has the rights to the Great Southern Hotels brand and is expected to seek permission to redevelop the Burlington and Allianz sites for a mix of residential, commercial and retail.
Opened in 1972, the Burlington was one of Ireland's biggest hotels. Its has large conferencing facilities, bars, restaurants and extensive car parking. It is not clear if all of these services will be maintained by Mr McNamara.
The Burlington employed 447 staff, who have received redundancy payments from Jurys Doyle.
Siptu president Jack O'Connor expressed concern this week about the closure of hotels such as Jurys and the Berkeley Court and their subsequent reopening with new staff on lesser pay.