A £250 million revamp of the Brighton Centre is to put the city in competition for the world's most lucrative conferences, The Argus can reveal.

Town Hall bosses have decided to sidestep growing competition from other conference centres by creating a high-tech, luxurious complex to rival venues around the globe.

The 25,000sqm venue will aim to attract the biggest names in business.

It will cater for conferences of up to 1,500 delegates and will offer more exhibition space and bigger banqueting facilities than the current site.

A four or five-star hotel with more than 300 rooms is also planned, as well as an extension to Churchill Square shopping centre, creating space for a department store.

The news emerged as the South East England Development Agency (Seeda) confirmed it was investing about £25 million in the centre's re-development.

The existing Brighton Centre opened in 1977 but has lost ground to bigger and more modern venues across the country, leading to a downturn in trade for hotels and other businesses, especially in midweek.

For the past decade the council has failed to secure the long-term future of the centre.

But The Argus understands the council is to announce a deal with Standard Life, owners of neighbouring Kingswest and Churchill Square, after a successful meeting in Edinburgh earlier this year.

The scheme will create hundreds of jobs and is expected to generate hundreds of millions of pounds for the city's economy.

City council leader Simon Burgess said the centre was the city's "number one" economic priority He said: "We are looking to attract the sort of organisations that go to Dubai, Barcelona or Cologne at the moment. All of the evidence shows we are the right place to get into that market because the city is close to Gatwick and Brighton and has a special kudos internationally.

"It will be high quality and high-tech to attract international associations such as the New York Bartenders Association and some of the biggest information technology companies such as Apple and Microsoft. If they want something in Europe, they may choose here. It will be a unique experience for British conference centres and a landmark building."

The scheme should be completed in time for the London Olympics in 2012. It is expected to dovetail with the Brighton International Arena development at Black Rock, which will provide conference space while the centre is being rebuilt.

Chris Moore, Seeda's head of land and property, said: "A new comprehensive and thoroughly sustainable development will ensure Brighton is re-established as one of the leading convention centre destinations, both in the UK and in Europe."