Three architects, likely to be announced next week, are competing to design a new $500 million “six-star” hotel at the Star Casino in Sydney.

The Star Entertainment Group has engaged its partners from the $3 billion Queen's Wharf Brisbane development to help foot the bill for the new Sydney tower and says it will be revealing three initial concept designs for public consultation in October.

220 premium hotel rooms, 150 apartments and 20 new food and beverage venues will be located within the 200 metre tower to be situated at the northern end of The Star's Pyrmont casino complex, expected to be completed within three years once approved.

The six-star hotel component will be operated by The Ritz-Carlton, who exited its Sydney businesses at Macquarie Street and Double Bay, before announcing a return to Australia in 2015. The Star has a relationship with The Ritz-Carlton who is also taking up the hotel component of its Queens Wharf Brisbane project.

The developers will be hoping the project rushes through planning before rival James Packer's Crown Resorts begins operating across the waterfront at the Barangaroo precinct in 2020.

The Star's Design Review Panel will include NSW government Architect Peter Poulet, Group GSA director Lisa-Maree Carrigan and Craig Allchin, adjunct professor of architecture at the University of Technology Sydney and director of Six Degrees Urban.