The 116-room hotel will be situated on Seel Street and will be an addition to Elliot’s neighbouring £40m Wolstenholme Square project, which is also being built by Newry.
The Wolstenholme Square development will include 447 studio and one-bedroom apartments spread across four blocks.
The Times Hotel will be operated by hospitality entrepreneur Paul Adams, the man behind Southport’s Vincent hotel and its sister bar and brasserie, the Vincent Café on Liverpool’s Exchange Flags.
The hotel, scheduled to open in late spring 2018, will include a rooftop pool and spa.
Elliot Lawless, developer, said: “We’ve just completed Block A at Wolstenholme Square so it’s pleasing to see that the rest of the project is pushing on.
“You can now get a real sense of what we promised at the outset, and how the city-scale of our buildings mirrors what stood here before the Luftwaffe came calling. Whilst we can never recreate structures like the wonderful old Valspar factory, we can bring back its scale and massing and animate the ground floors.”