Culzean Holdings Ltd made the announcement following the signing of brand and management agreements with global hotel company Marriott International.
The four-star 169-room hotel to be based at the city’s Gasworks site will also create 60 jobs.
Speaking following the signing of the agreement, Mr Paisley said: "I am pleased to welcome Marriott Hotels to Northern Ireland. The opening of a new four-star hotel is an important boost not only for our local economy, creating 60 full time jobs, but also for our growing tourist industry.
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"The Marriott Hotel chain can only help to increase our record visitor numbers and will be a fitting addition to the vibrant Gasworks site."
The Courtyard by Marriott Belfast will be located on Cromac Place and will form an integral part of the high-quality, mixed-use commercial development at the Gasworks.
Marriott representative Ed Fuller said: "We are excited to have our largest lodging brand represented in Belfast at the vibrant Gasworks development project.
"This project is largely the result of recent political stability and resulting upswing in commercial activity in the city and we are confident that The Courtyard by Marriott Belfast will play an important role in the future growth of Belfast’s business and leisure travel business."
Construction work on the hotel is scheduled to commence in October 2008 with opening planned for March 2010.
(JM)
