A flagship 84-bedroom four-star boutique will be based at the old Harland & Wolff headquarters and Drawing Offices.
It’s understood the new development could be worth around £27 million, according to a report today in the Belfast Telegraph.
As many as 250 additional jobs could also be created through the hotel’s construction, a number that could soon be swelled as at least three other applications are reported to beunder way for similar developments in the area.
Planning permission had already been approved for a 111-bedroom hotel but a revised application to the Planning Service for a smaller 84-bedroom hotel, along with ‘tourist/event facilities’ and ‘ancillary accommodation’ was submitted last month.
Titanic Quarter currently has only one hotel – a Premier Inn on the Queens Road.
It’s understood Harcourt Developments – which operates the Redcastle and Lough Eske resorts – could be involved in the new project.
The Irish firm – run by Donegal man Pat Doherty – is the parent company of Titanic Quarter Ltd.
The new hotel’s name and operator have not been confirmed.
Kerrie Sweeney, chief executive of Titanic Foundation told the Belfast Telelgraph: "The former Harland & Wolff headquarters building, including the Drawing Offices, are among Northern Ireland’s most important industrial heritage assets.
"The planning application is part of a wider process, with Titanic Quarter and the Heritage Lottery Fund to safeguard the buildings and give them a new lease of life," she adds.
The group is also trying to secure £5m from the Heritage Lottery Fund, towards the new development.
It’s understood a decision is due in January 2015.