MORE than £1m has been set aside to transform one of the city's most iconic buildings.
A decision is due this week on proposals to convert The Portland Hotel, in Paragon Street, into a 126-room student accommodation block.
Developers Galbraith Property Services Ltd, Keyhomes Fund and Oadby Construction Services Ltd have vowed to carry the historic name forward should plans get the green light.
Elliott Kantor, new business director at the company, said the development will "become a market leader in the student accommodation industry".
"Keyhomes Fund has invested heavily, spending £1m with the vision of making the Portland Hull the place to be for students", he said.
"The city centre will thrive, too, with the influx of students, whether from across the UK or from around the world.
"Giving the Portland Hotel a facelift was only the start of the development, as this would initiate the idea of making this hotel, which once stood proud in the heart of Hull, into a student accommodation block – making it a standout feature in the city centre."
Although developers are looking to build for the future, they have vowed to maintain historical ties with the building.
Mr Kantor said: "Students from near and far will recognise Hull as a haven of student life with its bars and cafés ready for the influx, hoping to reap the rewards of this vision of placing Hull on the map as the place to be seen.
"The developers have also decided to keep the iconic name, as it is a symbol of Hull.
"This student accommodation site has unearthed a new concept that will stand the test of time and become a trendsetter in the industry."
The hotel had been earmarked to become the city's first five-star hotel, but lack of trade meant it went into administration.
The planned development will include small, medium and large size rooms, all of which will keep the design of the former hotel.
The hotel also boasted a grand kitchen, which will be kept and modernised into individual pods consisting of separate ovens, hot plates and sinks.
The developers are currently in the process of planning other features including a gym and a café.
Mr Kantor said: "The next possible project that is being looked into at the Portland Hull is a fully functional gym, which will be for the use of the students and open 24 hours a day.
"The idea is to transform the old banqueting suite into a fresh and lively fitness centre, which will also offer a studio separate from the gym. There is also the possibility of installing a modernised café and a student lounge, which will provide a place to eat and socialise."
Although there would be no car parking, the plans include space for cycle storage in the basement.
In a report due to go before councillors this week, planning officers say: "Allowing this change of use would bring the building back into use and would improve the vibrancy of the city centre."
If planning permission is granted, work on the site is set to begin in the next few weeks.
