Cavan County Council is at the "sale agreed" phase of a potential purchase of the former Percy French Hotel in Ballyjamesduff.
The landmark property was put up for sale after the local authority served a derelict site notice on the property.
Ballyjamesduff councillor Trevor Smith says the building is important to the "integrity" of the town.
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€90,000 has been allocated to Ballyjamesduff for its town centre rejuvenation plan, and Councillor Smith says the hotel is pivotal to these plans.
The Fine Gael councillor told Shannonside Northern Sound that some private developers wanted to demolish the building, but he hopes that its future is now secure:
