A MULTI-million pound Hilton Hotel is set to open in Stockton by Easter next year.

Hilton today released images of its new mid-market hotel which is expected to serve thousands of businesses in the Teesside area.

Stockton Borough Council is borrowing £17m over 35 years to build the hotel, which will be operated by Hilton and deliver a profit of about £240,000 a year back to the council, in both profits and business rates, after the loan repayments.

An application for planning permission is being submitted to Stockton Council this week for the 125-bed hotel Hampton by Hilton hotel on Church Street, which will also have a small 24-hour gym and meeting rooms.

The council hopes to generate income through the hotel as government funding for local authorities is reduced.

Patrick Fitzgibbon, senior vice president, development, for Hilton said: “Stockton Borough Council’s ambition and the award-winning regeneration of the nearby High Street are extremely impressive. With companies including Tata, Axa, United Biscuits, Virgin Media and Fujifilm all located in the vicinity, we expect the new hotel to lead the market when it opens in 2018.”

Leader of Stockton-on-Tees Borough Council, Councillor Bob Cook, said: “We’re delighted to be working with such a famous global name and know there is an incredibly strong business case for this hotel.

“The proposed hotel is a key piece in the jigsaw for the regeneration of Stockton town centre and an economic impact assessment estimates this kind of internationally renowned hotel would be a huge asset, bringing in £6.7million per year into the local economy and creating around 100 jobs for local people.”

The Council’s Cabinet Member for Regeneration and Transport, Councillor Nigel Cooke, added: “In Stockton High Street, we’ve got an award-winning public space and exciting projects like the hotel, Globe restoration and Georgian Theatre, combined with our superb events programme, are about creating assets and attractions to take things to the next level.”

The site of the proposed new hotel forms part of the Northshore regeneration scheme, which incorporates new offices, homes and leisure facilities within walking distance of the town centre.