The 150-bedroom Hilton hotel and 80-strong apartment complex will overlook the racecourse, and is predicted to generate over £3m annually to the local economy.
Doncaster Council is expected to receive up to £370,000 of additional income from business rates, council tax and ground rent.
Mayor of Doncaster, Ros Jones, said: "This planned development will bring an internationally renowned hotel brand in Hilton to Doncaster and additional upmarket homes.
"This prestigious scheme will help the racecourse’s growth plans and cement its position as one of the world's premier racetracks.
"It will deliver further new jobs and growth and complement projects at Belle Vue, the former Doncaster Bloodstock Sales site and plans for a European Tour backed golf course complex at Rossington Hall. These are exciting times for Doncaster."
Stephen Higgins, director of property and racing for Arena Racing Company (“ARC”) said: “Meeting we are pleased we can continue to work with Doncaster Council, as shareholders in Doncaster Racecourse, to progress the plans for a Hilton Hotel and apartment development on the west side of the racecourse, which will ensure further improvements to racing facilities, including a 600 seat restaurant and viewing terrace.
“The planning application relating to the project will be made in the coming weeks and we hope the facility can make a lasting contribution to the town.”
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