The first six-star hotel in Sydney could soon enable the city to capitalize on the growth in Asian tourism, particularly luxury-focused tourists from China.

An iconic resort, which will include Sydney’s first six-star hotel, could soon enable the city to capitalize on the growth in Asian tourism, particularly luxury-focused tourists from China.

Casino operator Crown has recently announced it has entered into an estimated U.S. $ 780 million (AU $1 billion) agreement with developer Lend Lease to build the project in the city’s Barangaroo South. The area is currently witnessing one of the largest urban regeneration projects undertaken anywhere in the world.

Designed by renowned architectural firm Wilkinson Eyre, the new Crown Sydney Hotel Resort will feature about 350 luxury hotel rooms and suites, as well as VIP gaming facilities, luxury apartments, signature restaurants, bars, luxury retail outlets, pool and spa facilities and conference rooms.

The final contract sum, however, has yet to be finalized. If approved by the NSW government, the proposed development could be complete by 2019.

According to many leaders in the Australian tourism industry, the new waterfront resort will become a focal point of Barangaroo South. It will attract visitors from home and abroad, generate tourism spending and create hundreds of jobs.

“It will be a globally recognizable landmark that will attract thousands of international tourists and help Sydney compete with other global tourism destinations,” Crown’s CEO Rohan Craigie said in a prepared statement.