The project will see the creation of a 118-guest room property on what is currently the racecourse’s main public car park.
Construction is set to get underway on site in Spring 2018, with more details to be revealed throughout the year.
Vivien Currie, chief executive at Hamilton Park Racecourse, said: “We welcome the decision to approve our plans for a landmark £10million hotel at Hamilton Park Racecourse.
“We are incredibly excited about this development and are delighted to have South Lanarkshire Council’s approval.
“This significant investment project will bring fantastic benefit to our business and the wider economy.
“We have already had extremely positive feedback from our customers, sponsors and the local community and can’t wait to get on the road to delivering this fantastic new facility.”
The project will bring up to 20 new jobs to the racecourse, doubling the current number of employees, with a variety of roles in managerial, professional, customer service and administrative positions.
Extensive feasibility studies into the development estimate it will also generate an additional £5.9million per year in 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.
Hamilton Park Racecourse offers top racing action from May to September.
From family days and the famous Lanark Silver Bell event, to the legendary Saints and Sinners Racenight and Ladies’ Nights featuring leading DJs, bands and entertainers, Hamilton Park Racecourse is rated a must-visit for a great day or night out.