Augusta Capital paid $12.9 million to acquire the site on the corner of Man and Brecon Sts from the late Kevin Carlin in 2018.
The company had plans to construct a $70m hotel, to be operated by Radisson Hotel Group, which signed a 15-year agreement to manage the 61-room, five-star hotel.
Initially due to be completed in early 2022, the project was deferred due to Covid.
Now, Marriott International has signed an agreement with PHC Queenstown Ltd to introduce the St. Regis Hotels & Resorts brand to the site late next year.
The hotel will comprise 145 rooms and suites alongside The Drawing Room, The St. Regis Bar, an all-day dining venue and an event space.
Marriott International Australia, NZ and Pacific hotel development vice-president Richard Crawford said securing a luxury presence in the resort had been a strategic priority for the company.
"St. Regis is a globally-revered name in luxury that is sought after by discerning travellers worldwide."
PHC managing director Prakash Pandey said the St. Regis Queenstown would set a new benchmark in the hospitality sector.
"We are incredibly excited about this development, which will bring to NZ — and specifically Queenstown — a new level of luxury accommodation and services."
