Hastings Hotel Group has purchased the tallest commercial building in Ireland for £6.5 million, which will create 150 new jobs in the hospitality sector on completion.
It's being reported that Windsor House, located in Belfast City Centre, will be given a facelift to become the city's newest hotel.
Hastings said planning permission for the hotel "of major city international quality" will be submitted within a few weeks, with award-winning Belfast Architects WDR & RT Taggarts engaged to develop the designs.
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"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," said Hastings.
"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."