The announcement was made earlier today, with Hyatt stating that the new hotel, to be named the Grand Hansa Hotel, will open sometime in 2022 and will feature 224 "upscale" rooms. The hotel will be part of Hyatt's 'Unbound Collection' which specialises in luxury lodgings across Europe.
Much of the building will remain in use by the Student's Union as before, but a large section of the property will house the hotel.
You can see more photos of the parts of the building to be transformed by scrolling through the gallery.
Image Credit: Lehtikuva