The council have agreed a deal for a 145 room hotel on Abbey Street to be managed by the American company.
Construction on the site is expected to begin this summer as part of the Abbey Street development.
Also planned is a large cinema complex, food hall, and flats.
Cllr Julie Jackson, Leader of the Borough Council said, “I am delighted to see this agreement come to fruition. I am in no doubt that the hotel will prove to be a great asset to the Abbey Street development and Nuneaton as a whole.
We look forward to working with Hilton and Queensberry to progress the construction of the hotel over the coming months.”
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