The Gostins Building scheme will comprise 155 rooms, several storeys of residential accommodation and commercial premises on the ground floor.
The building was originally a seven-storey pharmaceutical factory and is located close to the £1bn, 42-acre Liverpool One shopping, residential and leisure development.
The project is scheduled for completion in the first half of 2020.
Niki Bolza, the developer on the project, said: "We are proud to have Beaufort on board and look forward to working with [its] team on what will be the leading mixed-use development in Liverpool.
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"The high standard of the hotel in conjunction with the quality of the apartments will deliver Liverpool an unrivalled offering of both services and amenities for residential buyers.”
"We are thrilled to be working with Niki and the ReCap team on this exciting development project,” added Joe Flaherty at Beaufort Capital Management.
“We were very impressed by the potential of this site, and the amount of investment into the Liverpool market speaks volumes for the appeal of the city.
"The proposed development will retain the heritage character of the building, while providing much-needed hotel space and homes, which will complement the recent enhancements to the local area."