Andrew and Nicola Forrest nab Waldorf Astoria for $575m

Aussie billionaires Andrew and Nicola Forrest have purchased the planned high-end Waldorf Astoria hotel in Sydney’s Circular Quay for $575 million.

The 25-storey hotel has been purchased under the billionaire couples investment arm Tattarang. This tower – the first Waldorf Astoria to open in Australia – is part of the $3.1b One Circular Quay project from Lendlease and its partner Mitsubishi Estate Asia.

This deal also includes 11 shops under the hotel and the residential tower that will remain with Lendlease and Mitsubishi.

This hotel will join Tattarang’s travel and tourism portfolio which includes Lizard Island in Far North Queensland, the Gaia Retreat & Spa in Byron Bay, and Cape Lodge in Margarent River, WA.

The Waldorf Astoria, which was designed by Kengo Kuma & Associates, features 220 rooms and will offer luxury accommodation with views of the Sydney Opera House and Harbour Bridge. The luxury hotel will have restaurants, an indoor pool, ballroom and function spaces, spa and wellness facilities, and a rooftop bar and restaurant.

Nicola Forrest, the co-owner of Tattarang, said the purchase is an investment in iconic Aussie spots that “showcase the best of what our country has to offer.”

“As long-term investors, we believe this development can play an important role in the future rejuvenation of the wider Circular Quay precinct, and we are committed to engaging with Lendlease and the surrounding community towards an even brighter future for Australia’s gateway city.”

Lendlease and Mitsubishi originally struck the deal in July 2022 for $850m. But due to the complicated pricing structure of the purchase, most of the money will be paid upfront then a funding cost will be deducted off the gross price, bringing the price down to $500m.

Featured Image: Waldorf Astoria