The project would see the development of a 120-room four star hotel and spa at the site in Larbert, near Falkirk, with 12 lodge houses, as well as meeting rooms, a restaurant and bar.
Original plans submitted to Falkirk Council at the end of 2008, which included a 200-room hotel, were shelved due to the economic downturn.
However, the Aurora Hotel Collection has now submitted revised proposals.
Chief executive Steven McLeod said "We are really excited about this project and are confident that the local community and council will support the plans. For this development to work, however, we need permission for all elements included in our proposals or it simply won’t be financially viable and not justifiable in today’s economy.
"The first phase of work will involve the creation of twelve new lodge houses, in a similar style and quality to the existing Coach House, and the construction of two blocks of 18 luxury apartments. We plan to re-invest the revenue from the sale of the apartments to fund the new hotel.
"When all elements are complete, we will have invested over £40m in this development."
The Aurora Hotel Collection was established by McLeod in 2004, with the purchase of nearby Airth Castle Hotel & Spa and since then the group has expanded to include ten luxury venues across central Scotland.