They have submitted an application for the 82-bedroom hotel in Sunniside and, subject to planning approval, it could open in late autumn 2012.
The project, to be built by contractor Kier North East, would be the first hotel built in the city centre for more than a decade.
Kier Property director Tom Gilman said: “We are delighted to be linking up with Calmont, with its knowledge of Sunniside, to build on our long-standing relationship with Travelodge and deliver another quality hotel development.”
Calmont Group director Graham Brooker added: “The new Travelodge is a fantastic opportunity for us and we are excited to be bringing such a large investment into Sunderland. The hotel will build on the existing leisure uses already in the area and add to the growing reputation of Sunniside as a great destination in the city centre.”