Beatty joins Uma Thurman, who has been cast as Nanny in the contemporary adaptation which is intended as an ongoing franchise for the Eloise character
The film begins principal photography on Aug 12 in Paris, New York and the south of France. Shyer co-wrote the film with his daughter Hallie Meyers-Shyer and Larry Spencer and will also act as executive producer. Producers are Patrick Meehan, Thomas D Adelman and Ron Rotholz.
Eloise first came to fame in the books written by Kay Thompson and illustrated by Hilary Knight which told the stories of Eloise's adventures in New York and beyond.
Beatty was discovered after more than 4,000 girls auditioned for the part of the precocious young girl who lives at the Plaza with her dog, turtle and Nanny. She has been acting on Australian TV and commercials since the age of four.
The film is being sold by HandMade International at Cannes alongside titles such as Manolette with Adrien Brody and Penelope Cruz, animated feature Planet 51, 50 Dead Men starring Ben Kingsley and Jim Sturgess and Paul Anderson's remake of The Long Good Friday.