This palace derived its name from Fra Ferdinand Von Hompesch who used to live in this property between 1787 and 1798. It is a palace built on three storeys with a mezzanine level between the ground and first floor levels. It has a symmetrical façade divided into three bays having a doorway with closed balconies in the centre flanked by open balconies and windows. The corner is defined by means of giant superimposed pilasters. The palazzo has various architectural details such as escutcheons (coats of arms), but the main highlight is the central bay which accommodates the main portal. The main doorway is flanked by pilasters and scroll consoles that support a closed wooden balcony at first floor level and another at second floor. A scallop shell motif is located in the centre of the lintel.
The side elevation consists of two houses at ground and first floor levels which are independent from the main palace, but the area at second floor above these houses pertains to the palace. Mepa scheduled Palazzo Hompesch as a Grade 1 national monument as per Government Notice No. 276/08 in the Government Gazette dated March 28.