The Hôtel du Grand Contrôle located at the Palace of Versailles in Versailles, France, is to be converted into a luxury hotel, with a $7.3m renovation.

The Hôtel du Grand Contrôle will feature 23 bedrooms and is expected to open next year.

Belgium-based Ivy International has been awarded the contract to develop the 17th-century satellite building, which originally housed the chateau’s treasurers.

The renovation of the 1,700m² facility will be carried out by architect-in-chief Frederic Didier, according to AFP.

Following renovation, Ivy International will lease the Versailles building over the next 30 years, paying back a portion of the hotel’s profits as rent to the palace.

The Hôtel du Grand Contrôle was built in 1680s by architect Jules Hardouin-Mansart.