Hastings Hotels has purchased Windsor House, a high-rise office building in Bedford Street, Northern Ireland for £6.5m.
The family-owned Hastings Hotels will transform the landmark 23-storey building into Belfast Grand Central Hotel.
The company has hired Belfast architects WDR & RT Taggarts to develop the designs of the hotel, which will be developed with a £30m investment. It is expected to become a significant part of the Northern Ireland building industry.
The four-star hotel will feature 200 rooms, including 18 serviced apartments, and will feature a bar and restaurant along with several other modern day amenities.
Planning permission for the hotel is expected to be submitted within a few weeks, with renovation work expected to be completed by 2018.
In a joint statement, the directors of Hastings Hotels said: "The hotel, when completed, will see the creation of 150 new jobs in the hospitality sector.
"Its prime city centre location is ideally situated to meet the urgent demand that the hotel sector requires to satisfy the growing business activity and the increase in tourism prospects.
"With our philosophy of continuous reinvestment, Hastings Hotels will also continue to extend, enhance and invest in its existing six Northern Ireland hotels and in the Merrion Hotel in Dublin."
Hastings currently operates seven hotels in Northern Ireland, including Belfast’s Europa Hotel, Stormont Hotel and Culloden Estate, and Ballygally Castle in Antrim.