The Signature Living Group confirmed its plans for the building at the MIPIM property convention in Cannes, Frances.

Signature Living’s founder and chairman Lawrence Kenwright said: “The Crumlin Road Courthouse is the latest in a series of landmark heritage buildings to be lovingly restored by Signature Living, including 30 James Street – the former headquarters of the White Star Line in Liverpool – and Cardiff’s historical Coal Exchange building.

“The Courthouse is currently in a state of disrepair and our focus will be on sympathetically restoring the building to its former glory in a way that is both true to its architectural heritage, and aligns with the exciting style for which Signature Living is reputed.

“We see ourselves simply as custodians of these important buildings and the Courthouse will very much still belong to the people of Belfast. For us, this is an investment in the local Belfast community and, as well committing around £25million to the restoration project, we will be investing in a series of community initiatives – including the launch of a special apprenticeship academy – in the coming months.”

Suzanne Wylie, chief executive of Belfast City Council, said the announcement was “testament to the city’s attractiveness as a place in which to invest for inward investors, developers and occupiers”.

She added that the investment “will not only bring a significant number of new jobs prior to and after the launch of the new hotel, but also, importantly, the creation of a number of apprenticeship opportunities for the local community surrounding the Crumlin Road Courthouse”.