West Yorkshire-based firm Marshall CDP is behind proposals for the development which would include a ground floor bar and restaurant.
The plot earmarked for the scheme has been vacant since Kingston House was demolished in 2010.
The south side of the site is bounded by a raised concrete pedestrian walkway – the remnants of an old footbridge which once safely transported pedestrians across Strand Street to the Pier Head.
Marshall CDP, the development arm of Marshalls Construction, has acquired the derelict plot with plans to create a “landmark hotel development which will reflect the importance of the location and setting”.
Other hotels brought forward by Marshall in the North West include Hotel Gotham in Manchester city centre and a Travelodge in Burtonwood, Warrington.
A statement included with a planning application submitted to Liverpool City Council for the development reads: “The proposals have been developed in order to capture the potential of this critical site which is located along the world famous Liverpool skyline.
“[The project will] generate a new high quality hotel offer within the city, attracting increased visitor numbers and dwell time in the city.”