Premier Inn and Magherafelt construction firm Conway Group is bidding to build a 82-bedroom hotel and 190-cover Brewer's Fayre restaurant on the site of the old Bangor Leisure Centre on Castle Park Avenue.
The £7m investment is expected to create 65 new jobs in the town and a further 100 during construction and will be the eighth Premier Inn in Northern Ireland, if it goes ahead.
The hotel said the move is part of its target to up its number of bedrooms in the UK to 65,000 by 2016 from 52,000 currently.
"The site of the former Bangor Leisure Centre is ideal for a new Premier Inn," John Bates, head of acquisitions for Whitbread Hotels and Restaurants, said. "Not only is it in the heart of one of Northern Ireland's most attractive seaside resorts, but it also has great access to Belfast by road and train which will make it popular with tourists and business travellers alike."
Conway Group's Trevor Simpson said: "We hope to meet Premier Inn's exacting requirements in relation to tight timescales, quality of design and construction excellence for this new hotel and restaurant in Bangor."