The security guard who died had confronted the attackers to try to stop them entering the hotel.
He said the roads leading to Koh-i-Batil, the hill on which the five-star hotel is located, had been closed by a heavy contingent of security forces.
"All four of the terrorists have been killed", said a senior security official told AP after security forces cornered the attackers inside the Pearl Continental Hotel.
Security officials said that the security forces after taking control of the hotel had cleared the first floor of the hotel.
On Thursday, at least five people were killed when BLA gunmen attacked a coal mine in the Harnai district of Balochistan.
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Gwadar Station House Officer Aslam Bangulzai said police received reports about three or four armed men at the Pearl Continental hotel around 4.50 pm, Dawn reported. After ensuring safe evacuation of guests and staff, clearance operation was launched to take on the terrorists.
The attackers then moved to the upper floors with the intent of taking hotel guests hostage, the ISPR said.
Last month, 14 Pakistani security personnel were forced out of passenger buses near Gwadar on the main coastal highway and shot dead in an attack claimed by a different Baloch militant group.
"No foreigners are staying in the hotel".
Gwadar lies about 700km southwest of Quetta, the capital of Baluchistan province.
The BLA has targeted Chinese workers in Pakistan multiple times, including during a brazen daylight attack on the Chinese consulate in Karachi that killed four people in November previous year.
Gwadar features prominently in the China-Pakistan Economic Corridor plan linking Gwadar, a deep-sea port, with Xinjiang Province in western China.