The decision paves the way for contractor ISG to start work in late autumn on the construction of the three-hall exhibition centre and 200-room integrated hotel.
Mayor of Liverpool Joe Anderson said: “This is fantastic news for Liverpool. I’ve pushed this project hard from the beginning, because I know the huge economic benefits it will bring to our city, attracting new visitors, boosting local business and creating jobs.
“This decision from the planning committee means we can now press ahead with delivering an absolutely world class waterfront development.
Funding for the facility is being raised through borrowing supported directly from the revenue generated by the centre, so that the project will be at no cost to tax-payers. It will be wholly owned by Liverpool City Council and managed by the existing ACC Liverpool team.
Exhibition Centre Liverpool will be capable of hosting large scale conferences, concerts and sports events when it opens in September 2015.
Pullman will be the brand for the integrated, upscale, four-star hotel, which will include up to 10,500 square metres of floor space and seven storeys of rooms, above a ground floor reception, lobby, restaurant, bar, meeting rooms and gym.