The Empress pub, on High Park Street in Toxteth, which has been closed for years, is located close to Starr's childhood home and featured on the cover of his first solo album.
Joe McCarthy, one of the owners of Inservice Property Group, has said that the plan is to make the upstairs of the building a hotel, and downstairs a Beatles themed gift shop.
He said: "It was originally going to be the Beatles Sergeant Peppers album cover on the side of the building, but as Ringo is from the area and the building is more related to him, we have kept it more Ringo themed."
The pub features on the cover of Ringo's first album 'Sentimental Journey' which was released in March 1970, and is a popular destination for Beatles fans taking in the city.
Joe added: "There are about 10-20 tour busses and taxis that stop outside the building every day to take photos, as it's on the Beatles, tour route.
"We are going to be adding a donation collection point to the building also, where people have the option to donate to support local charities and communities.
"All going well, the building should be up and running for summer this year."
The building opposite the Empress will also be getting some 'Peace and Love' artwork - two of Ringo's major values.
The artist, John Culshaw, who is responsible for a number of murals across Liverpool, said: "I love painting The Beatles - I am a big fan of them.
"I think as well as changing the world of music and becoming idols, they have left their city with an industry that people can earn a crust from and really put Liverpool on the world map."
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