It is a part of the hotel's $6 million expansion which also includes a new 200-seat restaurant and two other new lake view suites. It opens in mid December.
"We're preparing for a new class of ultra-high net worth guests," Eichardt's owner, Christchurch-born multi-millionaire Andrew Cox said.
"It is testament to Queenstown's reputation as one of the world's finest tourist destinations.
"Our warm culture and unparalleled natural surroundings have helped to put New Zealand on the global map."
Destination Queenstown chief executive Graham Budd said it was exciting to see a new luxury offering.
"Queenstown is the natural choice for the premium market and it's great to see investment in product for this sector."
Reservations for The Penthouse open on December 15.