Marco Polo Hotels has revealed plans to launch its new luxury brand, Niccolo, in its home city of Hong Kong.

The project will see the historic Murray Building in Hong Kong’s Central district transformed into the company’s new flagship hotel.

Once it reopens in October 2017, The Murray, a Niccolo Hotel Hong Kong will become the luxury brand’s third property, following the existing Niccolo Chengdu and the new Niccolo Chongqing, which is scheduled to open in August. It will also become Marco Polo’s fourth hotel in Hong Kong.

“The Chengdu property is a great success and we are very excited to be able to announce another even more exciting landmark project for Hong Kong,” said Dr Jennifer Cronin, president of Niccolo Hotels. “The Murray… will certainly establish our Niccolo brand and the excellence it stands for firmly in the minds of international travellers.”

Part of the Hong Kong government’s “Conserving Central” project, the Cotton Tree Drive property was originally built in 1969 and was once the city’s tallest government building. Foster & Partners, the world famous architecture firm that designed Hong Kong International Airport, has now been assigned to transform the building into a 27-storey, 336-room luxury hotel.

Among its key features will be a rooftop bar overlooking the city and a series of restaurants. The renovation will retain the building’s distinctive white arches and recessed windows.

Experienced hotelier Duncan Palmer, formerly of Mandarin Oriental and Langham Hotels, has been appointed as the property’s managing director.

“I am quietly confident this will become the preferred hotel in Hong Kong for visiting dignitaries, captains of industry and leaders in style. They will appreciate the sophisticated and international standard of hospitality that the Niccolo brand delivers,” said Palmer.

The Murray will join Marco Polo’s three existing hotels in Hong Kong: The Gateway Hotel, Prince Hotel and Marco Polo Hongkong Hotel.