Construction work is expected to start later this year to create a boutique hotel with around 100 bedrooms, a ground floor restaurant and bar, meeting rooms, penthouse suites and a rooftop bar.
The former newspaper building dates from the 1950's.
The hotel will retain many of the building’s original features including the paneled board room and the Lord Iliffe Suite –the restored top floor apartment of the former owner of the newspaper.
The new hotel will also feature individually themed bedrooms replicating significant stories from past newspaper reports.
The hotel is planning to open ahead of Coventry being the UK City of Culture in 2021. It is located in Corporation Street in the centre of Coventry.