The estimated $150-million development site is located within 1,000-acre Powerscourt Estate, which overlooks Sugarloaf Mountain. As currently planned, the hotel will include a 30,000-sf E'Spa, four restaurants and lounges. It will also have meeting space with capability to handle groups of up to 1,000.

European executives from both Ritz-Carlton and Treasury Holdings were unavailable Tuesday afternoon for comment. The Treasury Holdings website says the hotel will total 200,000 sf. A source at Ritz-Cartlon tells GlobeSt.com the hotel is expected to open for business in late 2006. The presidential suite will reportedly cost more than $3,500 a night.

Treasury Holdings is one of Ireland's largest property companies. It was founded in 1989 by Richard Barrett and John Ronan. The Ritz-Carlton Hotel Co. operates luxury hotels in Europe, Asia, North America, South America, the Middle East and Africa. It is currently planning 20 new hotels, including ones in Moscow and Beijing.