"Business tourism is worth £3.3bn to the capital annually,
head of LCB Mady Keup said. "We felt we wanted to mark the importance of this and recognise the level of excellence that London offers."
Any organisation in the business tourism sector in London is eligible to enter, including convention hotels, banqueting venues and destination management companies.
LTB judges will be searching for innovation that demonstrates a mix of fresh marketing initiatives for attracting new business and a commitment to excellent service, as well as market analysis and project evaluation.
Nominated businesses will also need to demonstrate that they have taken both disability and environmental issues into consideration.
The deadline for entries is the end of May. The finals will take place on 20 August at the Landmark London - last year's winner of the London Tourism Awards' 'Large Hotel' category.