The Waterfront Enterprise Board is now waiting for the Solicitor General, Stephanie Nicolle, to return to the Island so the deal can be signed.
Policy and Resources president Senator Frank Walker told the States on Tuesday that a formal announcement on the new hotel was expected within a week.
Replying to a question from Deputy Judy Martin on what hotels were opening on the waterfront, the Senator said that, in addition to the Radisson, a boutique hotel and 68 serviced apartments were planned for the Island Site.
He added that in total around £350m would be needed to complete the waterfront, all of which would come from private investment.
