The 322-bedroom hotel is to be developed by Asian group, Kosmopolito Hotels.
Ardmore will partially demolish the listed building retaining the facade to build an 11-storey upscale hotel on the site. Work is expected to start next month.
The existing curved roof will be replaced with a glass roof, a new plant room to house generators is also being built and there will be 60 cycle spaces.
Kosmopolito Hotels is a subsidiary of Far East Consortium International, a conglomerate listed on the Hong Kong Stock Exchange.