The bar for luxury hotels has been raised to new heights -- 118 floors high, that is.

The new Ritz Carlton Hong Kong officially opens Tuesday, occupying floors 102-118 of the nearly 1,600-foot (about 488 meters) tall International Commercial Centre.

Hong Kong's tallest building is also home to financial giants Morgan Stanley, Credit Suisse and Deutsche Bank. In addition, the building also offers residential space, a 100th floor observation deck, a shopping mall and a transportation center for travel to both Hong Kong Island and the Chinese mainland. The 118th floor features an infinity pool with panoramic views of the harbor as well as a rooftop restaurant and lounge.

Located in Kowloon, the hotel sits along Victoria Harbor, offering spectacular views of the harbor, Hong Kong Island and the New Territories.

Spectacular views of the city are complemented by a well-designed interior. Several big-name designers were hired for the project, including Singapore's LTW Designworks, which also did work for the Mandarin Oriental Sanya on Hainan Island.

The 312-guestroom hotel will be the flagship property for the Ritz Carlton in Asia. A one-night grand opening package is currently on offer for just under 5,000 Hong Kong dollars.