The Council has granted planning permission to Monteco Holdings a firm co-owned by AirAsia boss and Queens Park Rangers Football Club owner, Tony Fernandes to demolish and redevelop the Ormond Hotel in the city centre.The approval has come despite stiff opposition from the Save Joycean Dublin Committee and local residents.The spokesperson added the scheme also acknowledges the site’s connection with James Joyce’s Ulysses.The proposed €20m investment in the new hotel will create 250 construction jobs during the building phase and 80 jobs in the hotel upon completion.The hotel was bought by developer Bernard McNamara in 2006 for €17m, a year after it closed. He put it on the market in 2009 with a price tag of €7m, but it was subsequently bought by Monteco Holdings for less than €2.5m.