The unnamed hotel will be on the west end of the Downtown Disney District and include a new entrance into the park. The 700-room structure will feature dining, entertainment and have a platform inside for the Disneyland Monorail.
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The rooms, public spaces and gardens will feature views of Downtown Disney, according to officials. There will also be an upper-level restaurant and lounge where guests can watch the park's fireworks show.
Shops and restaurants will be featured in a large plaza on the ground-level of the hotel.
It is expected to generate $25 million in new taxes in its first five years of operation that will go into Anaheim's general fund, according to the park. It is also expected to create "thousands" of construction and permanent jobs.
Construction for the hotel is expected to start summer 2018 and officially open in 2021.
In addition to the hotel, a new parking structure is being built that will bring in 6,500 new spaces. The park expects the structure to improve traffic and parking at the resort, as well as speed up parking time by 60 percent.
The new lot will be built on the Pinocchio surface next to the Mickey and Friends lot.
Construction will start February 2018 and open in 2019.
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