Billionaire couple Andrew and Nicola Forrest have expanded their tourism footprint with the purchase of the planned high-end Waldorf Astoria hotel at Sydney’s Circular Quay precinct for a suggested $575 million.
Under the plan, their Tattarang arm will buy the future 25-storey tower which is part of the $3.1 billion One Circular Quay project from Lendlease and its joint venture partner Mitsubishi Estate Asia and will be the first Waldorf Astoria to open in Australia.
One Circular Quay project will include Sydney’s first Waldorf Astoria hotel.
The deal also includes 11 retail sites under the hotel and the adjoining residential tower that Lendlease and Mitsubishi will retain. The joint venture will develop all the project which sits on the site of the former Gold Fields House, which has been an empty crater for some time.
Under the original deal struck in July 2022, Lendlease and Mitsubishi Estate Asia formed a joint venture to acquire the One Circular Quay development in Sydney for about $850 million. Mitsubishi Estate Asia holds a 66.7 per cent interest in the joint venture.
As part of the complicated pricing structure of the transaction, the majority of the sale price will be paid upfront, after which a funding cost will be deducted off the gross price, taking it back to about $500 million.
The hotel will be added to Tattarang’s burgeoning portfolio which includes Lizard Island in Far North Queensland, which it bought in early 2022 for $42 million, the Gaia Retreat & Spa in Byron Bay, formerly owned by the late entertainer Olivia Newton-John, and Cape Lodge in Margaret River, Western Australia.
Designed by Kengo Kuma & Associates, the 220-room Waldorf Astoria hotel – which is part of the Hilton stable of brands – will offer luxury accommodation, with unrivalled views across Sydney Harbour, the Opera House and Sydney Harbour Bridge.
‘We believe this development can play an important role in the future rejuvenation of the wider Circular Quay precinct.’
Tattarang co-owner Nicola Forrest
There will be restaurants, spa and wellness facilities, indoor pool, ballroom and function spaces, boardrooms, and a rooftop bar and restaurant.
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