As part of the plans, the property, which is currently vacant and which has not been used sinced 2012, will be operated by Ibis Styles and reopened as a 134-room hotel.
A new two-storey extension will also form part of the development, alongside a new restaurant from celebrity chef Marco Pierre White.
According to a report in the Yorkshire Evening Post, a planning statement drawn up on behalf of site owner Town Centre Securities says that, if the scheme gets the green light from the council, then "the visitor experience in this part of Leeds will be significantly enhanced".
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