Radisson Hotel Group has signed an agreement for the Radisson RED Sydney Haymarket, a 328-room new-build property scheduled to open in 2029.

The opening of the lifestyle hotel will mark the debut of the Radisson RED brand in Australia.

The 31-storey development will be located in the Haymarket at the southern end of Sydney’s central business district.

In a statement, the hospitality group said the location is within “close proximity” to Central Station, Chinatown, Darling Harbor, the International Convention Center, Sydney Light Rail’s Haymarket station, Tech Central precinct and universities.

The hotel will house dining and beverage venues consisting of a restaurant, a lobby café and bar, and a poolside bar.

Additional on-site facilities will include an outdoor swimming pool, a fitness centre, 218m² of meeting space, and a dedicated lounge tailored for guests arriving early or departing late.

The statement added that the agreement strengthens Radisson Hotel Group’s “development momentum” in Australasia.

Radisson Hotel Group executive vice-president and global chief development officer Elie Younes said: “The signing of Australia’s first Radisson RED marks an important milestone in our Australasia expansion plan.

“Radisson RED is a distinctive brand that offers a relevant and impactful proposition to both guests and owners.”

The group partnered with real estate company Ceerose for the project.

Ceerose founder and managing director Edward Doueihi said: “Radisson RED Sydney Haymarket has been conceived as a destination that reflects the energy and transformation taking place across this part of Sydney.

"We are delighted to partner with Radisson Hotel Group to bring a distinctive, globally recognised brand to this landmark development.”