The property developer owned by Betfred founder Fred Done is to build a 40-storey tower at the St Michael's scheme in Manchester city centre.
Gary Neville's Relentless Group has partnered with Salboy to lead the project, which forms the second phase of the scheme.
The landmark building is expected to feature a five-star hotel with 161 beds, 181 serviced residences and a "multitude of design-led amenity and leisure spaces".