The development would bring a new facade to Elizabeth St with the units designated visitor accommodation in the Launceston CBD and is estimated to cost $8 million.

Hotel Colonial owner Dale Pentland said that the development was about securing the future of the hotel.

"It's more to enhance [and] look after the old girl [and] securing the future of the old 1847 property," he said.

"Just thinking of the future ... we're thinking tourism down the track is going to keep improving and people will be back on board."

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The new building will be surrounded by the existing Hotel Colonial and the adjacent pub Three Steps on George which is also owned by the hotel.

Mr Pentland said the architects had put detailed thought into the design to ensure it was fitting with the streetscape and heritage listing.

"The main thing is it's one of the few heritage hotels, so we had that in mind all the way through the design," he said.

"We've designed it to enhance the Colonial and Three Steps, the two old buildings, the architects wanted to make the other properties pop, so to speak."

Part of those efforts included providing the new building with a gable roof and incorporating bluestone into the design.

The Hotel Colonial is a historic part of Launceston after it served for years as the original home of Launceston Grammar.

Grammar students and past students still attend the hotel to learn about the schools roots.

"We have a lot of people come back to look for their history where their grandparents went to school, the Grammar school are here all the time bringing the next generation through," he said.

The hotel possesses significant parking spaces to all for the new visitor accommodation.

The construction of the new building on the corner of Elizabeth Street and George Street would include minor works to the Hotel Colonial.

Public submissions can be made to Launceston Council until June 7.

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