The former Bank of South Australia building in Adelaide will be knocked down and a new build Hyatt Regency will be built in its place.
The 27-storey hotel is set to open in 2023, a decade after the brand left the city. The Hyatt, opened on North Terrace in 1988, but left Adelaide in 2009 when it was turned into the InterContinental Hotel.
The new $180 million Hyatt hotel will have 295 rooms with 750sqm of event space, a cafe, swimming pool, gym and rooftop bar.
Hyatt’s operations area vice-president Robert Dawson said the company had a “strong legacy” in the city.
“The hotel will mark an important re-entry into Adelaide for the Hyatt Regency brand and fill a gap in Hyatt’s domestic Australian network,” Dawson said.
“We are very positive about the market here … and we are looking forward to coming back. We want to be in a location where travellers want to stay.”
Adelaide City Council initially opposed the demolition of the building’s facade as it was locally heritage-listed and did not suit development plan requirements.
Lord Mayor Sandy Verschoor said the project showed “how exciting” Adelaide’s future looked.
“It is right in the heart of the CBD and it is going to work beautifully with the surrounds,” she said.
Tourism Minister David Ridgway said the new hotel was “a massive show of confidence in our state… and great news for tourism.”