The development is part of a wider £1bn transformation of the city's waterfront area; a 30-year scheme to regenerate the banks of the River Tay.
The new hotel will be located next to a £22m redevelopment Dundee's railway station.
The development will create up to 30 local jobs and generate further opportunities for local hospitality industry and catering suppliers to benefit from working with the company.
In a statement, the company said the hotel would have "panoramic views over the River Tay and onto the new waterfront plaza".
David Myers, Chief Executive of Sleeperz Hotels, said: "Sleeperz Hotels is an innovative fast growing company with ambitious plans to expand our portfolio of UK lifestyle hotels and is delighted to secure such an exciting development.
-- Advertisement --
"Dundee's waterfront regeneration is one of the biggest of its kind ever to take place in western Europe and will transform the city as a leisure, tourism and retail destination."
Mike Galloway, Director of City Development at Dundee City Council, added: "We are delighted to have attracted Sleeperz to our waterfront redevelopment in Dundee.
"This new hotel will provide further high quality accommodation for the many hundreds of thousands of additional visitors to the V&A Museum and it will create a powerful new landmark entrance into our city."
Sleeperz Hotel Dundee will sit at the centre of the 8km waterfront development next to its marquee attraction, the new £45m V&A at Dundee – a regional branch of the world famous Victoria and Albert Museum of arts and design – which is scheduled to open in 2016.
The addition of restaurants, bars, hotels and the V&A Dundee is predicted to create more than 700 new tourism jobs, attract three million extra visitors and generate a further £1bn of spend in the city's visitor economy.
(JP/IT)
