Liverpool is to become the first city in the UK to establish a multi-million-pound Accommodation Business Improvement District (BID) for its hotel and serviced apartment sector.
A ballot on the issue, which opened on 29 September, revealed that 84% of the sector were in favour of the £4.3m investment.
This will go towards measures including a new fund for attracting small, medium and large conferences to the city.
The Accommodation BID also aims to create jobs and increase the economic performance of the city. The Liverpool BID Company predicts the district could create 200 new jobs in year one, and 311 by year five.
The successful BID ballot for accommodation has encouraged Liverpool BID Company to launch a second ballot for a Retail and Leisure BID in 2023.
This would see small and independent businesses from the potential BID area with a rateable value of less than £45,000 no longer needing to pay an annual levy.
Bill Addy, chief executive of the Liverpool BID Company, said: "This Yes vote is a sign of confidence and determination for BID to continue to serve the city. In 2023 we'll be going back to our retail and leisure levy payers to seek a new ballot, securing for 5 years. We will be increasing the baseline for those to pay a levy to £45,000.
"We are also looking to increase the size of the BID area to incorporate more of the city centre. The pressure on the public purse is acute, and a larger BID area means a greater level of investment into the whole city centre, vital if we are to attract investment, support the visitor economy and maintain the public realm."
Marcus Magee, co-chair of Liverpool Hospitality and general manager of Hilton Hotel Liverpool, said: "The Accommodation BID has been a long time in the making and its success is testament to the resilience, drive and determination of the Accommodation businesses in our great city."
Liverpool BID Company is a private, not-for-profit organisation that represents the interests of 1,000 levy paying businesses in Liverpool city centre.