A former car park in Castle Street will be redeveloped into a new hotel, with a minimum of 80 bedrooms.
Chairman of the Council's Development Committee, Alderman William Leathem, said: "The redevelopment of the site is part of the city's wider regeneration scheme which will see significant investment to increase the tourism offering and bed provision as well as aiming to attract more visitors to the area who will spend more in the local economy.
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"The hotel landscape in Northern Ireland and in particular in Belfast has changed significantly but it's now time for developers to see the potential of investing in neighbouring locations to our capital. This has recently been demonstrated with the announcement that the Beannchor Group will develop a £4 million 4* hotel in Lisburn Square later this year, subject to Planning Approval. There is a confidence that Lisburn Castlereagh is on the cusp of significant growth and I have no doubt that this city centre hotel will be a great asset to the area, benefiting residents, businesses and visitors alike."
Potential developers will complete a pre-qualification questionnaire for the development of the site.
The hotel is expected to be fully operational by 2022.
(CM)
