The 4-star hotel in a 16-storey tower project will be built at a car park site in Chapel Street.
Specialist contractor McAleer & Rushe is understood to be in line to build the Dalata hotel, which will operate under the Maldron brand.
Work is now expected to start on site later this year with around 150 construction jobs sustained over the two-year build programme.
This latest Dalata Group hotel follows in the footsteps of the new Charles Street hotel in central Manchester which McAleer & Rushe is due to complete at the end of this year.