Sunderland City Council has recently acquired the land for the development and a consultation will be carried out with the public in the coming weeks, followed by the submission of a planning application.
If the plans are approved, the build is scheduled to begin in early 2014 and the hotel will open in summer 2015.
The Stadium of Light, home to Sunderland Association Football Club, has a banqueting suite that can host up to 700 guests for a dinner or 600 for a conference. The events space can be adapted to host up to 2,000 for a reception or product launch.
Councillor Paul Watson, leader of Sunderland City Council, said: "This is a very exciting development for Sunderland and a statement of confidence in our city and its future, by arguably the most famous hotel chain in the world.
"Having such a quality hotel on Stadium Park will have a tangible economic impact on our city, and particularly its city centre.
"Stadium Park, through the Stadium of Light and the Aquatic Centre, welcomes hundreds of thousands of visitors each year, through football matches, concerts and other major events and this extra hotel provision will unlock further growth and development in the city through leisure and business tourism."