The Percy French Hotel in Ballyjamesduff could become a community and tourism hub.
Cavan County Council has announced plans to refurbish the main development on the Dublin Street side, and replace the existing two storey extension on Stradone Street.
It's hoped the building will take the role of a community, tourism and enterprise hub, with the potential to facilitate use as visitor accommodation.
The building has been in a derelict state for more than ten years, with Cavan County Council taking ownership of it in recent weeks.
Fine Gael Councillor for the area Trevor Smith welcomed the plans, saying its part of larger investment in the town.