The city centre spot, which already boasts some of Belfast's trendiest bars and restaurants, will now offer a new Premier Inn.
The budget hotel will open its doors in October, bringing an additional 75 jobs to the capital.
Premier Inn owners Whitbread Hotels and Restaurants opened its first hotel in Belfast's Alfred Street last year.
Its latest venture will be located on the site of the re-vamped Four Corners building at the Waring Street and Donegall Street junction.
The 171-bedroom hotel will create around 75 full and part-time jobs.
The hotel will also offer a 200-seater restaurant and bar.
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The historic Belfast building has retained its original brickwork façade and window size to tie in with the character and style of the Cathedral Quarter area.
Newly appointed manager of both Belfast branches, Keith Freeman, said: "Premier Inn has invested heavily in Northern Ireland with plans to open a further 10 hotels here over the next five years."
"Our arrival in Belfast has been extremely successful and we have reported occupancy rates of over 90% every month since we first opened, so we have every confidence that this new site will continue this success and cater for the growing business and tourist market in the city centre," he added.
Head of Belfast's Visitor Centre, Gerry Lennon, said: "Belfast now welcomes almost seven million visitors, including 1.4 million overnight stays, so a hotel of this quality which can cater for business and leisure guests is an important addition to the city."
"After celebrating the launch of the Belfast brand, I am delighted to welcome another excellent hotel to Belfast city centre which will cater for the growing number of visitors coming to Belfast each year," said Mr Lennon.
Hospitality group Whitbread welcomes over eight million customers to its facilities each month, employing over 45,000 people.
(PR/JM)
