Bishop's Gate Hotel in the centre of the town has officially opened to the public following the regeneration project.
Deputy First Minister Martin McGuinness open the hotel and confirmed 60 new jobs will be created.
He said: "The north of Ireland will gain massive economic benefits via increased visitor numbers, satisfaction and spend. Together we can build and develop a £1billion tourism industry by the end of the decade and the North West must be equipped to maximise all available opportunities.
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"Sitting right in the heart of the City this hotel not only reminds us of our history but also sends out a clear signal of our ambitious plans and hopes for the future."
The Bishop's Gate Hotel, is one of the projects of the Inner City Buildings Preservation Trust.
Minister McGuinness concluded: "This and many other projects the Derry Inner City Trust has been involved in like the refurbishment of the Craft Village within the City walls, and the lighting of the gates of the Derry Walls are preserving and promoting the City. I wish the Bishop's Gate Hotel and the Inner City Trust continued success for the future."
(CD)
