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ILT chief executive Chris Ramsay said public input was being sought and all sectors of the community were invited to contribute their ideas for the new hotel's name.
"We've always said we're building more than just a hotel. This is an asset for both locals and travellers. Yes, there will be hotel rooms but also many other features like a bar, cafe, laneway bar and a restaurant for our community to enjoy," he said.
The proposed hotel, which reportedly is expected to be completed by late 2021, was announced last April, and demolition of the buildings at the corner of Don and Dee Sts is already under way.
Entries had to adhere to the consent conditions, which require that the hotel's name pays homage to the heritage of the site, reflecting its history.
As well as exclusive bragging rights, the winner will receive a night's accommodation, dinner, a bottle of wine and breakfast at the Ascot Park Hotel, also owned by the ILT; then at the grand opening of the new hotel, they will "enjoy a VIP experience for two, including dinner, drinks and accommodation."
The public can enter by emailing firstname.lastname@example.org or submitting entries via the ILT Facebook page. Postal entries can be sent to PO Box 208, Invercargill 9840. Entries close at 9am on Thursday, February 28, 2019. Terms and conditions can be found at www.ilt.co.nz.