The hotel is to be located on the site of the former Belfast Metropolitan College adjacent to Blackstaff Square.
Cookstown-based developer McAleer & Rushe acquired the site just over a year ago and plans to develop the site with a mixed-use hotel and student accommodation scheme.
Belfast City Council approved plans designed by Belfast-based Consarc Design Group.
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The 14-storey development will also have restaurants, bars and meeting and conference space.
McAleer & Rushe Property Director, Stephen Surphlis, said: "This is great news for Belfast, as this is a centrally located hotel scheme, which is designed to complement Belfast's forward looking aspirations and assist in meeting the undersupply in hotel provision. The Belfast leisure market has recovered strongly following the downturn, with figures confirming strong occupancy levels and increasing room rates. This new hotel will help to satisfy increasing demand going forward as Belfast rapidly increases in popularity as a leisure and business destination. We have received strong interest from established hotel operators and have already commenced demolition of the existing college building. We look forward to beginning construction early in 2016."
(CD/LM)
