The auditorium will be built within an Air Force housing complex in Florida called Bob Hope Village, after the 99-year-old US star, next to Eglin Air Force Base.
The 6,000-square-foot (540-square-meter) building will be named after retired Air Force Colonel Bob Gates, 83, who is a close friend of Hope.
The legendary entertainer is well known for his charitable donations, particularly towards the entertainment industry.
He is equally famous for the numerous shows he performed for troops during World War II, in Vietnam and during the Gulf War.
Hope has also held benefit shows to raise money for the housing foundation, which also has a complex called Teresa Village in Fort Walton Beach.
Colonel Gates was the serviceman who flew Hope around the world to entertain US soldiers during World War II.
The Bob Gates Welcome Center Auditorium will include a stage and seating for 170 people.
It will mainly serve Bob Hope Village's 400 residents, but will also include conference rooms for seminars and business meetings.
In early 2002, Hope donated $1m to the organisation behind the Emmys to help create an internet archive of TV comedy performances.
The money was set aside for the academy's Archive Comedy Collection, which includes comedy performances and interviews with American television legends such as Steve Allen, Bob Newhart, Bea Arthur and others.
Hope's legacy as a comic film actor and entertainer is still going strong, and he is remembered for his string of films with Bing Crosby and screen siren Dorothy Lamour, as well as his latter-day TV work.