The prestigious venue aims to open a hotel on the site on the town’s Bothwell Road for the first time in its 90-year history.

The 118-guestroom property, operating under Hilton’s fastest growing brand, Hampton by Hilton, is to be built on what is currently the main public car park of the racecourse grounds.

The Hamilton Park executive team has undertaken extensive feasibility studies into the development and projects it will generate an additional £5.9million per year in additional visitor expenditure in the area, and add a gross value of £700,000 per year to the economy, with £400,000 of that directly in South Lanarkshire.

The hotel, which has been designed by local practice, ICA Architects, is expected to double the size of the racecourse’s business within three years of opening.

“We are delighted to unveil this landmark project for Hamilton Park Racecourse and are certain it will deliver substantial benefits to our business and the wider economy," comments Vivien Currie, Chief Executive at Hamilton Park Racecourse.

“The project has been driven by both public demand, largely from our local customer base, not only for racedays but for weddings and other events, and from our racing personnel. With an onsite hotel, Hamilton Park Racecourse will further enhance its reputation as a wide-ranging, world-class sporting and hospitality attraction, whilst also providing a fantastic facility for racing staff when they visit Hamilton Park for our 18 race meetings.

“We are constantly competing with racecourses further south to attract top trainers and jockeys. Having an onsite modern Hampton by Hilton hotel for them to stay in will add to the host of benefits and incentives we offer to racing connections to ensure we stage top quality racing here in Hamilton. Our prize money increased by 15per cent this past season and now it’s time to invest again in our facilities and attract new visitors.

“This key project for Hamilton, its inhabitants and many visitors will encourage investment in the town and create jobs whilst enhancing the Hamilton Park experience.”