Has anything been confirmed as to what the cladding material will be?
It's really hard to tell from the proposal, but given whats been going on in the neighbourhood and the stark colour contrast I would not be surprised if it was done with alucobond-style panelling. Its cost effective and looks sharp.
I recall seeing an ALT Hotel by Pearson Airport in Toronto last year with a similar design and colour. I can't remember what the materials were in detail but I do remember that it didn't look that bad. Nothing mind blowing but not cheap.
I wouldn't be surprised to see the white parts done in brick. This is supposed to be a "loft" style hotel afterall, so they may want to go with that motif.