Osborne has bought the historic Guildhall in Broad Street from Bristol City Council and is planning to spend £10m on turning it into a luxury hotel.

A planning application is due to be heard within the next few months with the 18-month construction programme scheduled to start early next year.

Osborne told the Bristol Post: “What I like to do is to take a quality building and improve on what is already there, this is a fantastic building in a fantastic location.

“I have already been talking to an operator and there is someone who is very interested in the scheme. They said to me ‘what we will have here is the best hotel in Bristol in the best location’.

“There are some very exciting plans for the Old City area and this is going to be a thriving part of the city, I am incredibly excited by the project.”

Plans include adding another two floors to the former courthouse and creating a luxury spa in the basement and a rooftop swimming pool.

Osborne said: “The new reception area will be magnificent. For some reason the people who had the building before us decided they wanted to cover up all these incredible features.

“We are going to have a vaulted roof and stained glass windows. There are even statues in niches which are going to be uncovered once again.”

Osborne said he is already looking for other projects to invest in nearby.

He said: “St Nicholas’s market is a joy, it is fantastic to see all those businesses doing so well. There are plenty of great pubs and bars in the area as well.

“But I believe that an area cannot rely on leisure alone. You need some residential and working space as well. This is going to be a fantastic place to be, we are already talking to the council and the response has been very positive.”