The Ritz-Carlton in Philadelphia has unveiled a year-long, multi-million dollar renewal project to comprehensively update the hotel and add a restaurant, bar and public leisure spaces.

Architects and interior designers Wimberly Interiors have co-designed the hotel upgrades – including new guest rooms and a refreshed lobby – with Coscia Moos Architecture and LW Designs. Meanwhile, restaurateur Richard Sandoval has advised on the design of the 206-seat Nuevo Latino Aqimero restaurant.

The building – which opened in 1908 as the headquarters for a bank and was later occupied by Ritz-Carlton – was originally designed by American architect Frank Furness as a reproduction of the Pantheon in Rome.

This nod to history will be retained in the architectural revamp, but the interiors will be given “a fresh and sophisticated feel” through the use of neutral colours, textures and materials. Meanwhile, metallic, bronze and emerald green features will be added in reference to money, the building’s banking history and a taste of the finer things in life.

The new lobby space will provide seating enclosed with two large crystal walls that fill the space with sparkle and light, and the building’s original 100ft (30m) dome and oculus will remain intact to create a sense of awe. The original bank vault will also be transformed into a luxurious function room.

“After years of thoughtful planning and construction we are thrilled to re-introduce The Ritz-Carlton, Philadelphia, and showcase the new modern interiors inside our classic and historic building” said Darryll Adam, the hotel’s general manager. “We are delighted to solidify our place as the only branded luxury hotel in Philadelphia.”