Located in an Edwin Lutyens building in King Street which formerly housed the headquarters of Midland Bank, the 60-bedroom property will be spread over seven floors with the reception and restaurant on the sixth and a prohibition-style bar and members' club on the seventh.
The hotel, which is being developed by the Marshall Construction Group in conjunction with the owners, Bespoke Hotels, will feature five inner suites, each with their own garden. Referenced in Pevsner's Architectural Guide, the Art Deco property has a Portland stone exterior and features carvings by local sculptor John Ashton Floyd.
The building hit the news in 2010 when it was alleged that safe deposit boxes containing jewellery, gold and master tapes from Joy Division and New Order recording sessions were found on the site.
Robin Sheppard, chairman of Bespoke Hotels, said: "Hotel Gotham is really taking shape now. The construction team at Marshall's and our design partners at Squid-Inc are on track to deliver an exceptional and glamorous hotel, in a beautiful historic building. e can feel the excitement bubbling."
Bespoke hotels operates just over 100 hotels across the UK.