Giggs and Neville recently formed a company, GG Hospitality, and plan to open Café Football in east London in November.
The Hotel Football will be located near Old Trafford, and is scheduled to open its door to guests shortly after.
The £20m hotel project will boast a football pitch on the roof, with Giggs and Neville reportedly playing an important part in the design plans.
GG Hospitality managing director Stuart Proctor told The Independent that the United duo had been "heavily involved in the development" from picking out the cutlery to scouting locations.
And Giggs admitted as much to trade magazine Caterer and Hotelkeeper, saying they had "lived and breathed every element" of the hotel.
"We've stayed in a lot of hotels as footballers and often felt that we could do a better job," Giggs added.
The 39-year-old was appointed player-coach by David Moyes earlier this week after signing a one-year contract extension at the club last term.
Neville, who works for Sky Sports as a TV pundit, spent 19 years in the Manchester United first-team and won eight Premier League titles with the club.