The hotel is part of a broader plan to revitalize the tourist destination. The Jekyll Island Beach Village project also includes an adjacent convention center that just opened and plans for new shops, restaurants and public parks along the beach.
Construction on the hotel was to have started in September, but developers were unable to secure needed financing.
Jekyll Island Authority spokesman Eric Garvey said the authority on Monday approved agreements that allow it to move forward.
The board approved a deal to use the new Jekyll Island Tourism Development Fund to enable the developer to secure financing for the $40 million hotel.