Building work has already started on the Walkabout Inn, which will include a 22-room hostel providing budget accommodation for backpackers, students and young holidaymakers.
Regent Inns are to spend £1.3 million developing the 6,000sq ft pub on the site of a former amusement arcade in West Street, making it one of the biggest in town.
The new inn will offer a variety of Australian and New Zealand beers, wines and foods, including crocodile and emu steaks.
It is expected to open later this month.
Regent Inns spokesman Michael Thiele said: "Walkabout is a hugely popular cosmopolitan bar.
"We are sure it will prove outstandingly popular in Brighton."
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