Construction has officially begun on a new luxury hotel development in Sydney, with the design set to transform the historic Kent Street property into a striking new city landmark.

Developed as a joint venture by INT.RE (formerly Icon Developments) and Icon Oceania, the $275-million five-star hotel project will operate under EVT Hotels & Resorts’ Independent Collection, delivering 228 rooms to the Sydney CBD hotel market.

Located at 499 Kent Street on the site of the former Australian headquarters of Universal Pictures, the hotel, designed by SJB Architects, pays homage to the property’s history, with meticulously created rooms featuring subtle cinematic elements as well as a dramatic ‘vertigo suite’ on the 18th floor with a transparent glass floor, and a rooftop infinity pool complete with a two-level rooftop bar.

Hickory has been appointed as the builder for the heritage-inspired luxury hotel, which will feature a dynamic 3D art facade across the 20 levels, shifting with the light throughout the day. Future guests at the upcoming hotel will enjoy ground-floor dining as well as a tranquil courtyard retreat with living green walls, quiet spaces and conversation corners.

First constructed in 1936, the once-loved building boasts excellent connectivity, amenity and accessibility with its central CBD location being adjacent to QVB and Town Hall.

The project signifies a diversification milestone for INT.RE as it expands its hospitality footprint across Australia and New Zealand. For Icon Oceania, Florin Hotel adds to a legacy of award-winning developments and comes at a time when Sydney’s hotel market is experiencing limited supply.

“Sydney is such an exciting market at the moment and this is an outstanding site to be delivering a world-class hotel,” says INT.RE CEO Matthew Bourke.

“2025 has been a watershed year for our team with the evolution of Icon Developments to the INT.RE business. The integration of our property-first investment-led approach has allowed us to invest in partnerships in new sectors and new markets.”

Describing Florin Hotel as an incredible opportunity for the team, being a much-loved and historic site, Icon Oceania Managing Director, Nico Tjen says, “We are honoured to be entrusted to deliver a project that adds luxury, amenity and landmark accommodation to the Sydney CBD, while still celebrating its heritage.”

Hickory State Manager NSW, Michael Kouknas observes that the hotel project reflects their shared vision with the JV partnership to deliver excellence in design, sustainability, and community impact.

“At Hickory, we’re committed to creating better places for future communities, and this development is a testament to our growth in the Sydney market,” he notes.

Florin Hotel is scheduled for completion in the second half of 2027.

Architecture News & Editorial Desk

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