The 'Aurora Station' would allow six people - including two crew - the chance to relax in first-class accommodation on a 12-day trip, including experiencing zero gravity and looking down on earth.
The project was announced during the Space 2.0 summit in San Jose, California, and the once-in-a-lifetime journey would also include taking part in research experiments - including growing food in orbit.
As reported by Sky News, Frank Bunger, chief executive officer and founder of developer Orion Span, said: "We developed Aurora Station to provide a turnkey destination in space.
"Upon launch, Aurora Station goes into service immediately, bringing travellers into space quicker and at a lower price point than ever seen before, while still providing an unforgettable experience."
As well as a three-month training regime, each person wanting this unique experience will be $9.5 million down, although a $80,000 deposit can be paid to secure a place.
Mr. Bunger added this wasn't simply a unique holiday idea, adding: "Aurora Station is incredibly versatile and has multiple uses beyond serving as a hotel.
"We will offer full charters to space agencies who are looking to achieve human spaceflight in orbit for a fraction of the cost - and only pay for what they use. We will support zero gravity research, as well as in space manufacturing.
"Our architecture is such that we can easily add capacity, enabling us to grow with market demand like a city growing skyward on Earth.
"We will later sell dedicated modules as the world's first condominiums in space. Future Aurora owners can live in, visit, or sublease their space condo.
"This is an exciting frontier and Orion Span is proud to pave the way."