The former Scottish Mutual Building was bought in 2013 by the hotel group Tullymore House, which also owns the Galgorm Resort and Spa in County Antrim.
This building, at the corner of Donegall Square South and Bedford Street, was originally known as Scottish Temperance Buildings.
It was built in 1904 by Henry Seaver, in dark red Ballochmyle sandstone, six storeys in height, with corbelled turrets at each corner.
It also boasts black polished granite pilasters.
The dormer windows and chimneys survive.
The listed Edwardian building, similar in age to City Hall, will contain forty bedrooms and ten serviced apartments, as well as two restaurants and bars.
Other hotels in the vicinity include Ten Square Hotel, also at Donegall Square South, and the Grand Central Hotel, set to open further down Bedford Street in a few years' time.
The building was sold by the Irish government's National Asset Management Agency (Nama), with an asking price of £1.75m.
The new hotel's main entrance will be at Donegall Square South.
Colin Johnston, Project Manager, said:
"This truly magnificent, iconic city centre building has all the key ingredients - location, beauty, space and heritage - for a welcome and sympathetic restoration into a luxury, boutique hotel."First published in June, 2013.