The luxury 137-bedroom hotel with five restaurants, which is to replace the iconic American embassy in Grosvenor Square in London, will be designed by British architect Sir David Chipperfield.
The design for the mixed use development will incorporate the external faÁ§ade by original architect Eero Saarinen.
If plans are approved, the £1b transformation of the Grade II-listed building will include a spa, six retail units and a ballroom for 1,000 guests.
Work will take place following the departure next year of the American diplomatic team to the new embassy currently being built in Nine Elms, Battersea.
The new plans will include the demolition of the bollards and barriers erected to protect the embassy from terrorist attacks.
Chipperfield is expected to "breathe new life" into the mid- 20th century building and "reinstate it as the heart of Grosvenor Square and Mayfair".
Jerry Holmes, chief development officer for Qatari Diar, said: "We take our responsibility to the local community very seriously and are committed to undertaking an in-depth and thorough engagement with local residents, businesses, amenity societies, heritage bodies, Westminster City Council and other local stakeholders, hearing their feedback and ideas on how our proposal can support their vision for the area."
Chipperfield added: "Our design proposals protect and respect the significant architectural and structural characteristics of Eero Saarinen's design, with a focus on restoring and enhancing this unique building to secure its long-term future at the heart of Mayfair.
"We have studied the building's design and its history as well as its surroundings to deliver an architecturally and socially coherent proposal, which will transform this purpose-built embassy into a world-class hotel."
Matthew Barzun, United States Ambassador to the UK said: "The US Government's unique association with Grosvenor Square dates back to John Adams' establishment of the first American mission here in 1785 and we have proudly called the current Embassy our home for the last 56 years.
"A new chapter in our special relationship begins in early 2017 with our move to a new US Embassy in Nine Elms. Grosvenor Square will write a new chapter of its own, one that I hope retains an imprint of America's deep and abiding history here."
A public exhibition regarding the scheme will be held at 24 Grosvenor Hill from 11 to 16 April.