Liverpool City Council has granted consent for a £66m exhibition centre and hotel development at the Kings Dock.
Construction of the £40m Exhibition Centre Liverpool and integrated £26m hotel is set to begin in late autumn.
The 871,000 sq ft, three-hall exhibition centre and 200-room Pullman hotel will form part of ACC Liverpool, home to the BT Convention Centre and Echo Arena.
The exhibition centre and hotel will be built by ISG. Denton Corker Marshall is the architect.
The new facilities will open in spring 2015.
Exhibition Centre Liverpool will be capable of hosting large scale conferences, trade and consumer exhibitions, concerts and sports events on a national and international scale.
Plans for the facility include an atrium, meeting rooms and business centre. The three halls will each be 290,000 sq ft and will be separated by movable walls.
The 4-star Pullman hotel will have seven storeys of rooms above a ground floor reception, lobby, restaurant, bar, meeting rooms and gym.
Pullman, which is owned by international hotel company Accor, has hotels all over the world, including all the major European cities, but currently only one in the UK, in St Pancras, London.
Branded Hotel Management was appointed as hotel operator in April this year.
Exhibition Centre Liverpool and the Pullman hotel will be directly connected to the existing facilities at ACC Liverpool via an interlinking bridge, making the venue the only purpose-built interconnected arena, convention and exhibition centre in Europe.
In its first year of operation, Exhibition Centre Liverpool is expected to host about 50 events and attract more than 250,000 visitors.
Mayor of Liverpool Cllr Joe Anderson said: "This decision from the planning committee means we can now press ahead with delivering an absolutely world class waterfront development.
"Exhibition Centre Liverpool and the integrated hotel will allow us to build on the massive success of ACC Liverpool, and will drive our transformation into one of Europe's leading destinations for large-scale conferences, exhibitions and events."