The outer ring would feature 24 cylinder-shaped, pressurized modules with rooms inside. The modules would house crew quarters, government research centers, hotel rooms, bars, restaurants, and luxury private villas.
The Gateway Foundation's design calls for artificial gravity and comforts similar to the offerings of a cruise ship.
The artificial gravity still wouldn't match Earth's, though — most of the station would have one-sixth of our planet's gravity, and some parts would have zero gravity.
"There is potential for playing fictional games such as Quidditch from the Harry Potter series and the battle games from the Ender's Game series," Alatorre told Dezeen.
Other companies have floated simpler designs for future orbiting hotels. In 2011, a Russian company called Orbital Technologies said it would launch a seven-room space lodge by 2016. The plan never came to fruition.
According to Orbital Technologies' original plans, guests could have stayed for five days at a cost of $1 million. The vacation would have somewhat resembled the experience of astronauts on the ISS.
Aerospace company Orion Span, meanwhile, hopes to launch its Aurora Space Station in 2021 and open it to guests by 2022.
Aurora wouldn't be a traditional hotel, and not just because of the lack of gravity. Visitors would work as a team to operate the station and conduct science experiments, similar to what astronauts do on the ISS.
The design for Aurora calls for it to orbit Earth every 90 minutes, the same way the International Space Station does. That means visitors would see 16 sunrises and sunsets each day.
The plan calls for adding new modules to the station over time, some as space condominiums.
Yet another vision for an orbiting hotel comes from a team of MIT students that won a NASA design competition. The space agency requested concepts for habitats that could house humans in orbit and eventually take them to Mars.
Inflatable modules are a popular choice for space-habitat designers, since they can be deflated and compactly stored for launch. Rigid structures, by contrast, are constricted by the size of their launch rocket.
Bigelow Aerospace is a pioneer in space inflatables. One of its designs is already attached to the ISS.
Bigelow is currently designing a new space habitat based on that prototype. It's called the B330 because it would have 330 cubic meters (11,600 cubic feet) of volume.
Two B330 modules could potentially link together to form their own space station. Bigelow Aerospace sees this as a way to build a space station that orbits the moon.
The company's CEO, billionaire hotel mogul Robert Bigelow, has hinted that inflatable space habitats could get sent to Mars.
In the meantime, Bigelow is also planning to open a hotel in a module on the ISS. An offshoot of the company, Bigelow Space Operations (BSO), is focused on that project.
Bigelow hasn't shared designs for the planned hotel module yet, but prototypes of the modules it has designed for professional astronauts offer an idea.
NASA astronauts visited Bigelow's Mars Transporter Testing Unit, a mock-up that the company uses to test internal layouts for future astronaut habitats, in September.
Inside the unit are two vegetable gardens.
The testing facility has three floors, but without gravity, of course, it would be more open-concept.
NASA officials and astronauts toured another Bigelow prototype, called Olympus, in October.
Upon docking to another module or space station, the habitat would expand to two spacious stories.
Eventually, space exploration could involve entire worlds crammed inside a spaceship.