A purpose-built convention centre and attached five-star Hilton hotel in the central city is looking likely for Wellington, the council says.
The 165-bed hotel and centre will be partly be paid for by the ratepayers, but the cost was yet to be revealed.
But Mayor Celia Wade-Brown said there would be no capital investment or construction risk for the city.
The facility would "put us ahead of Christchurch and Auckland developments, with no need for a casino", she said.
"Negotiations and planning is on-going, in the meantime what we can say is that the plan is for a purpose-built conference venue with a partnership between the Council, a consortium of local and national interests, and an international hotel chain."