The Corinthia Group plans to develop a six-star hotel on the site currently occupied by the San Gorg Corinthia, the Corinthia Marina and Radisson Blu hotels in St Julian's.
According to Group Chairman Alfred Pisani, the development will be a $445-million investment that will create 600 jobs.
The project will see the construction of two buildings that will have fewer rooms than the current hotels, but the rooms will be nearly double the minimum size of the current ones and the hotel will offer more guest facilities. The room prices will be double those at present.
The take-over of the Island Hotels Group, owners of the Radisson Blu, by Corinthia was announced in January.