Plans for a multi-million pound four-star internationally-branded hotel are being hailed as further marking the resurgence of Stoke-on-Trentas economy.

Councillors discussed a scheme that will bring a landmark hotel development to Smithfield in the city centre at a cabinet meeting today (Tuesday). Discussions are already underway with an operator for the facility, which would create in excess of 50 jobs.

In the meeting, held privately due to commercial sensitivities, Cabinet members agreed to push ahead to finalise deal terms with a major operator who at this stage has asked to remain unnamed. The hotel will be delivered by Genr8 Developments, the councilas development partner for Smithfield.

The news follows hot-on-the-heels of Severn Trent Water and United Utilitiesa Water Plus joint venture, which has created 400 jobs at the authorityas premium office accommodation development at Smithfield. And it comes after an independent national report by law firm Irwin Mitchell placed the cityas economy at AL4.8bn and as the fourth best performing in the country for job creation.

As part of the negotiations, the development has already been earmarked for grant funding from the Stoke-on-Trent and Staffordshire Local Enterprise Partnership (SSLEP). Cabinet agreed that remaining finances could be made up from a council loan investment in the project and offered on commercial terms and direct developer funding. This will allow the council to move forward as a more commercial authority, investing in the development for a return which will generate income on a medium to longer term basis.

Council leader Dave Conway said: aThis is fantastic news for Stoke-on-Trent and further shows the huge progress we are making to bring investment and create jobs in the city. Stoke really is on the up and this shows the increased leadership and confidence in our city.

aWeare serious about creating the best conditions for businesses to come here and giving opportunities to local people. When I became leader I took action straight away to make sure partners and businesses had the chance to move to Smithfield. Now we have health, the chambers of commerce and are set to welcome the police all into One Smithfield, with new facilities there for residents. With Water Plus, we have 400 new jobs at Two Smithfield, and we also have further interest in the building from a number of other companies.

aThe work being done across the council to make this happen is really paying off and I want the benefits to be felt across the whole of the city as can be seen in Stoke where council staff have remained in the town.a

Further signs of investment across the city are already being seen, with news earlier this month that 1,000 jobs have been secured at the UKas only Ceramic Valley Enterprise Zone at Etruria Valley, in just six months. Earlier this summer the council also struck an historic economic partnership with Jingdezhen in China, a city with a similar rich ceramics heritage.

And the council is joining with the Stoke-on-Trent and Staffordshire Local Enterprise Partnership and partners in Staffordshire and Cheshire East to promote the huge investment potential of Ceramic Valley and the Northern Gateway scheme in front of national and international developers at MIPIM UK this week.

Deputy council leader Abi Brown said: aA hotel will not only be a massive boost for tourism in Stoke-on-Trent particularly as we look to bid for UK City of Culture status for 2021, but this is a major scheme that will help to bring additional investment to the city, create jobs and transform the city centre.

aQuite rightly, we have agreed as a cabinet that we will do all that we can to facilitate these deals to make them happen. Our Make it Stoke-on-Trent and Staffordshire investment team are continually working behind the scenes to attract big investors into the city and their work is really reaping rewards.

aThis approach re-enforces our strategy to grow business rates, bring more jobs to the city and generate income for the city council to help pay for services within the city.a

Stoke-on-Trent and Staffordshire LEP chairman David Frost said: aThe plan for a hotel development is a clear sign of the growing confidence in the economy of Stoke-on-Trent and North Staffordshire as an area. We are pleased to be working with the city council to secure the investment in this development.

aItas testament to the hard work by the city council and LEP partners to continue to demonstrate the huge potential of the area and provide every support for businesses to locate here.a