Cairn Group has been named as the preferred operator of a 150-bedroom hotel alongside the new Swansea indoor arena.
The hotel will sit at the heart of a £135m regeneration project called Swansea Central Phase One, which is being developed by the city's council. The project will include a 3,500-capacity arena run by theatre company ATG, more than 30 homes, commercial units and parkland.
Cairn Group is expected to operate the hotel, which will include a restaurant, bar and gym, under a brand from one of the major global groups such as Hilton, IHG or Accor.
Neeraj Handa, director of the Cairn Group, said: "The opportunity in Swansea is huge.
"The new arena alone is set to attract over 230,000 visitors a year to the city, from business visitors using the new conferencing facilities to holiday-makers taking in a show.
"The major improvements across the city, teamed with the remarkable local beaches and attractions, will ensure Swansea becomes an unrivalled destination to visit in the UK, and the demand for quality hotel rooms will boost the current supply."
The scheme will incorporate a landmark bridge, designed by Swansea artist Mark Rees, described as "a playful and spectacular gold-coloured interpretation of a striking swan figure".