Torbay Council, and Whitbread, Premier Inn’s parent company, have secured planning permission for a new 120-bedroom hotel in central Torquay.
The Premier Inn, which will have an in-house restaurant, will be located just off Montpellier Road in Torquay, on part of the currently under-used Terrace Car Park.
The council say it will benefit the town by attracting new and "all year round visitors", by encouraging further investment and improving the accommodation available.
They also say it will help regenerate the town centre as customers are likely to go out to eat, drink "and be entertained" around Torquay Harbour.
Planning permission was granted unanimously by the Council's Planning Committee last week.
Councillor Swithin Long says the developement will deliver "huge value to Torbay".
"This project supports front line services provided by the Council for the community, generates jobs and skills development, and it supports the community’s town centre regeneration ambitions," he said.
"Approximately 30 new year-round jobs are expected to be created, with recruitment and training focused in Torquay and the surrounding area.”
Midas has been appointed by the Council to build the hotel.
Work is expected to start on site in the autumn with a targeted completion date of March 2021.