The Los Angeles City Planning Commission has approved plans for a project, which includes major renovations at the site, according to a Curbed L.A. report.
Next Century Associates plans to renovate the hotel and build two 46-story condominium towers behind the site, according to the report. The top floors of the hotel will be turned into condos.
The project will also include the addition of shops and restaurants, as well as moving the hotel's pool to the roof, according to the Curbed L.A. report.
Michael Rosenfeld, managing partner of Next Century, said the project aims to spark economic growth in the L.A. area.
"Our goal was to create a pedestrian friendly, transportation oriented, sustainable mixed use project that will serve the entire community, connect the elements of Century City and bring economic growth and jobs to Los Angeles."
The project is expected to begin in 2014.
Read more about what developers have planned for the hotel in the full Curbed L.A. report here.