The Formule 1 Kings Cross is also the first new hotel in over a decade to open in the Kings Cross area. This reverses a trend that has seen 10 hotels (including the Sebel, Kingsgate, Gazebo, Landmark and Top of the Town) and over 2000 beds closed since the 2000 Olympic Games. 

The Formule 1 hotel opens at a time when tourism to Sydney is recovering strongly after a number of years of stagnation caused by major crises such as SARS, Iraq and the demise of Ansett. 

The new 115 room hotel is the first high-rise, inner city Formule 1 hotel to be built in Australia and opens on the 10th anniversary of the hotel brand's arrival in Australia.  . 
Formule 1 is one of the fastest growing hotel brands in Australia, located in city and regional areas, close to airports, transport and food outlets.  Formule 1 Kings Cross is the 15th Formule 1 to be launched in Australia and the 6th in the greater Sydney area.

The new Formule 1 will meet increased demand for budget accommodation in East Sydney and Kings Cross and is expected to attract a wide range of travellers - from business travellers through to groups, families and backpackers. 

The 115-room Formule 1 is just a short walk from Kings Cross Station, an airport bus terminus and a wide variety of car rental firms and is just a stroll from the CBD and the restaurants and entertainment of Kings Cross and Darlinghurst.

Commenting on the opening of the new Formule 1 Kings Cross, Accor's General Manager of Economy Hotels, Roger Batty, said that the opening of Formule 1 Kings Cross signalled a more optimistic attitude towards tourism in Sydney. 

"The opening of the Formule 1 Kings Cross is very significant for the industry, being the first new hotel in the city centre for over four years," he said.

"The industry has done it tough during that period, with a constant stream of crises affecting travel to Australia. However, all indications are that a recovery is underway and this new hotel will provide much needed quality accommodation for budget travellers.

"In particular, the hotel will play an important role in reviving the Kings Cross area, which has lost a large percentage of its tourism infrastructure in the past four years."

Formule 1 Kings Cross joins a global network of over 650 Formule 1 and ETAP (a related brand) hotels. 

Accor is the worldwide leader in hotels, tourism and corporate services, employing 150,000 people in 140 countries.