Australian mining royalty Andrew and Nicola Forrest have acquired the country’s first ever Waldorf Astoria in Sydney’s Circular Quay precinct, in a huge $525 million transaction.
The couple have purchased the asset through their investment vehicle Tattarang, from the developers of the property Lendlease and Mitsubishi Estate.
Developed as the Waldorf Astoria Sydney – the first of its kind in Australia – the hotel is located alongside Lendlease and Mitsubishi Estate Asia’s premium residential tower, One Circular Quay, at the site of the former Gold Fields House at 11 Pitt St. The One Circular Quay residences and Waldorf Astoria Sydney were delivered to become one of the world’s most desired places to live and stay.
Designed by Kengo Kuma & Associates, the 220-room hotel defines luxury accommodation, offering unrivalled views across Sydney Harbour, the Opera House and Sydney Harbour Bridge. Guests have access to luxury amenities including restaurants, spa and wellness facilities, indoor pool, ballroom and function spaces, boardrooms, and a rooftop bar and restaurant.
Nicola Forrest stated the investment was part of Tattarang’s long-term investment strategy to invest into iconic Australia areas, and to showcase the spaces that Australia has to offer.
“Circular Quay is a globally-unique and instantly recognisable location that continues to welcome millions of visitors – from both near and far – each year,” Forrest said.
“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.”
“We are excited to work collaboratively with the Hilton team to create one of the world’s most innovative Waldorf Astoria hotels, and importantly one that is uniquely Australian.”
Lendlease’s managing director of development Tom Mackellar shared his thoughts.
“This transaction is a major milestone for the precinct’s revitalisation, bringing us one step closer to transforming the centrepiece of Sydney’s spectacular harbour”.
“Australia’s first Waldorf Astoria by Hilton, which will be located alongside our luxury One Circular Quay residential tower, positions this precinct to become one of the most desired places to live and stay in the world,” Mackellar stated.
The construction of the hotel and its neighbouring residential tower is underway, with the hotel estimated to open its doors to visitors in 2026.
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