Image courtesy Group One Partners

A 175-room hotel will occupy one of the two undeveloped parcels at Boston Landing under development plans submitted by NB Development.

In a sign of confidence for the hotel market, NB Development is moving forward with the 140,000-square-foot project on Guest Street just south of the New Balance headquarters.

Designed by architects Group One Partners of South Boston, the hotel will include meeting and conference rooms, a pair of bars, retail and restaurant space, according to a filing with the Boston Planning and Development Agency. The 8-story, 105-foot-tall structure will be include steel and concrete construction and precast and masonry paneling with metal accents.

Shutdowns and steep downturns in business and group travel during the early stages of the pandemic devastated Greater Boston hotel industry revenues, as revenues per available room dropped by nearly 75 percent in 2020 according to CBRE. The region had the third-worst financial performance among hotels during the pandemic, exceeding only San Francisco and New York.

NB Development announced last week that the 3,500-person capacity Roadrunner concert hall will open in March at Boston Landing. Lendlease and Ivanhoe Cambridge are seeking approval for a 317,320-square-foot office-lab building at 60 Guest St. after buying the parcel from NB Development in March for $67 million.