The hotel will have its own bar, pool and sauna.
The hotel’s website states that it will offer “the finest in spa, wellness and personalised experiences”, with a restaurant “as well as a restaurant bar” on site.
The building is being built by developer AEG Energy, with plans to be complete by 2021.
It is currently occupied by the AECO building, which was demolished to make way for the new hotel.
The Old Town’s location is a busy area, with pedestrians and cyclists passing through on the way to the airport.