The redevelopment, which is situated at 21 Queen Street, will also feature a restaurant, bar and additional amenities.
The project includes a nine-storey extension to the rear and the preservation of the historic frontage of the Grade B1 listed building,
It is expected to bring 'new life' to the long vacant building that is currently on the Buildings at Risk Register, according to the council's committee.
Alongside the hotel approval, the committee also green-lit plans for a purpose-built managed student accommodation (PBMSA) development at Great Victoria Street, featuring four blocks ranging from six to 18 storeys high, with 560 student rooms.
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Included in the accommodation is 205 studios and 355 cluster rooms, landscaped roof terraces, a gym, cinema, communal spaces and an on-site café.
Further planning approvals included: A new five-storey extension to the east and a three-storey extension to the west of the ECIT Building at Queen's Island in the heart of Titanic Quarter’s thriving tech community; The replacement of a three-storey 1960s block with a modern two-storey extension at Glenwood Primary School on Upper Riga Street, which will provide 21 classrooms, a school canteen, and a nurturing suite for pupils requiring additional support; And a new community garden adjacent to Highfield Community Centre which will provide a green space with raised planter beds, polytunnels, picnic tables and a mini orchard, supporting local biodiversity and promoting health and wellbeing through gardening activities.
Councillor Arder Carson, Chair of Belfast City Council's Planning Committee, said: "These approvals reflect our commitment to supporting projects that enhance Belfast's heritage, community and economic vitality.
"From revitalising historic buildings and expanding educational facilities to fostering community cohesion and boosting our technology sector, these projects reflect our ambitions to support our city in growing sustainably and inclusively.
"The new hotel and student accommodation developments, in particular, will strengthen Belfast's hospitality and education sectors, while the community garden and research facilities enrich our local environment and innovation potential."
