De Niro has applied to Westminster City Council for permission to build the property, which he wants to call the Wellington Hotel, on the corner of Wellington Street and Tavistock Street.
Wellington Hotel will include a luxury spa, two restaurants and a central courtyard, but it will mean knocking through six adjacent buildings, including three that are Grade II listed.
De Niro said: “London is one of the most exciting and cosmopolitan cities in the world. It makes perfect sense to develop a hotel that represents all of that in the heart of this city in Covent Garden. The Wellington Hotel would honour the heritage of the area, while bringing the best of what we’ve done in New York to London.”
The project is a joint venture by the actor with UK property developer Capco and America’s BD Hotels.
De Niro co-owns the Greenwich Hotel in New York with BD Hotels, runs the Tribeca film festival and is co-owner of the NOBU restaurants.