Cloud hosting is best for that amount of traffic. With Cloudways hosting provider you can manually select your requirements.
And you don't need to pay yearly in advance, you have to pay monthly according to your selected requirements.
You can also change or edit your site requirements any time.
That's the best deal I think for you. And yes cloudways is very popular. You can ask in any community.
I have their affiliate and get some commision if you purchase through my link at no extra cost to you.
Note: I have also siteground, bluehost, Namecheap affiliates but according to your requirement cloudways is best.