Hull was shortlisted in June along with Swansea Bay, Leicester and Dundee, and was announced as the winner today (20 November) following the submission of its final bid document in September and a presentation in Londonderry last week.
Ellie Garmston, Hull City Council business tourism sales officer, said: "We are absolutely delighted that Hull has been awarded City of Culture 2017, this will give the city's conference business a real boost.
"We have attracted several conferences with a cultural element recently and are already working on bringing more to the area and look forward to welcoming those delegates to the City of Culture."
Hull's 365-day spell as the UK City of Culture will kick off with an opening ceremony involving four "rivers" of light, people and sound flowing into the city, and will include 15 national and international commissions, 12 artists' residencies, 25 festivals, eight major community participation projects, and a programme of conferences and major broadcasting events.
It is estimated that the year will deliver a £60m boost to the local economy in 2017 alone. Councillor Stephen Brady, leader of Hull City Council, said winning the bid was "a game-changer" for the city.
"It will give Hull a platform to tell the world what this great city has to offer, transform perceptions and accelerate our journey to make Hull prime visitor destination," he added.