The 17-storey hotel will boast 278 rooms, a restaurant and bar and will be located in close proximity to Oxford Road train station.
Maldron Hotels – part of Irish hotel operator Dalata – will operate the hotel, which is set to open in the summer of 2021.
Catalyst Capital, which has significant property interests in Manchester, is on course to submit a full planning application to the city council towards the end of January.
Bardsley Construction is presently building a Stay City Apart Hotel for the property firm at Cross Street in Manchester.
The proposed site is dissected by Mouncey Street and is home to a 40-space surface car park and four-storey commercial building at 60 Charles Street, which will be replaced by the hotel.
Manchester architect SimpsonHaugh has designed the hotel.
Dan White, Development Director – Catalyst Capital, said: “Given the key location opposite the Circle Square masterplan area and close to the Oxford Road Corridor, the site presents an excellent opportunity for enhancement.
“The proposals will help to reinforce a key east-west route, connecting key regeneration initiatives spanning HS2/Mayfield/North Campus to the north, and, Oxford Road Corridor, First Street and Great Jackson Street to the south.”
Under present plans construction work would start in September 2019 if planning is approved in June as hoped.