The announcement was made by Charles Price, CEO of Progress Property Developments (PPD) and Guy Crawford, CEO of Jumeirah Group, at a signing ceremony held in Glasgow.
The group hopes to open the 25-storey development, which is on Argyle Street in the heart of the International Financial Services District (IFSD), in 2011.
Councillor Purcell, Leader of Glasgow City Council and Chair of Glasgow City Marketing Bureau, welcomed the news and said: "Today's announcement is a resounding vote of confidence in Glasgow and its future ambitions, made all the sweeter by the fact that Jumeirah does not operate anywhere else in the United Kingdom outside London."
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The hotel would have 160 guest rooms and suites and 85 serviced apartments. It would also feature a rooftop cocktail lounge, 630-seat ballroom, restaurants and bars.
The development would be Jumeirah's fifth hotel in Europe and its first in the UK outside London.
Construction of the hotel, designed by Ian Simpson Architects, will be overseen by PPD.
Mr Price of PPD said: "We are very pleased to have Jumeirah join us as a partner in this exciting development. We have already worked closely with Jumeirah over the last few months on the details of our proposed development and we are confident that their involvement will help further ensure the success of this exciting project."
Mr Crawford, of Jumeirah Group, said: "We are delighted to announce this exciting development for Jumeirah in the city of Glasgow. Located in the heart of such a dynamic city, Jumeirah Glasgow Hotel will be the perfect addition to our portfolio, in line with Jumeirah's promise to stay different."
(GK/JM)
