Plans to transform iconic Sydney venue West’s Olympia Theatre into a luxury boutique hotel have been revealed, following the submission of a development approval.

The $100 million project would see the Paddington venue converted into mixed-use development that would include a 101-room hotel, food and beverage venues on the ground and rooftop, plus conferencing spaces.

Behind the project is CE Boston Hotels and Sydney-based property developer Central Element, who say the project will provide significant flow-on benefits, including 1,000 new jobs over the next two years.

“The mixed-use development will also provide significant public benefits and an estimated injection of close to $8 million of additional revenue into the local economy,” said Central Element’s Daniel Barber.

Located at 1-11 Oxford Street in Paddington, the building was originally the site of Marshall’s Paddington Brewery between 1860 and 1906, before being replaced by West’s Olympia Theatre in 1911.

The theatre became a much-loved destination for movie buffs for nearly 50 years, and in the ’90s, the building’s Grand Pacific Blue Room was a renowned party spot.

Under the new plans, CE Boston Hotels, together with architects Tonkin Zulaikha Greer, will restore and integrate West’s Olympia Theatre’s iconic façade into the new building, which will also feature a landscaped internal garden on the ground floor.

The hotel operator of the new Sydney boutique hotel will be announced in the third quarter of 2020.

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