There's to be no hotel - at present - in the recently recommenced multimillion pound riverside Obel 'skyscraper' building in Belfast.

Work restarted earlier this month after a fresh planning application was granted - and has now seen the site cleared up after being left for one year, pending the new permission.

Now, as the base of the first tower crane is in place, and the scheme is again underway, news has emerged of a buyout by Karl Properties of fellow consortium members MAR Properties and Greenfarm Developments.

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They initially won the development brief and signed a contract with Laganside in June 2002, collectively making up Donegall Quay Ltd.

The scheme was originally to include an eight-storey 144 bedroom hotel, however upon the success of the first release of apartments the developer put off plans for a hotel and added more apartments.

All 182 apartments released were booked within 48 hours of their release with prices ranging from £100,000 to £475,000.

As well as creating more apartment space through replacing the hotel the tower was also changed to increase the height from 80m to 85m, creating an extra two floors.

Planning consent for these changes came in Autumn 2007.

The new, single developer now said that a hotel for the site looks unlikely at this stage, but has not dismissed it as a further development later.

(BMcC)