Australia’s first Waldorf Astoria hotel has been purchased by billionaire couple Andrew and Nicola Forrest’s investment company Tattarang.
Purchased from Lendlease and its joint venture partner Mitsubishi Estate Asia – for a reported AU$575 million according to the Sydney Morning Herald – the future 25-storey hotel tower, which is due to commence construction in early March, will be owned on completion by Tattarang’s property company Fiveight.
Forming a central part of the $3.1 billion One Circular Quay development in Sydney, the luxury hotel, which will be managed by Hilton, is expected to set a new global standard of hotel accommodation in the market.
“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,” said Tattarang Director Nicola Forrest AO.
“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 Managing Director Development, Tom Mackellar, described the sale as a major milestone for the precinct’s revitalisation.
“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,” he said.
Due to open in late 2026, Waldorf Astoria Sydney will feature 220 hotel rooms across 25 levels, as well as restaurants, spa and wellness facilities, an indoor pool, ballroom and function spaces, boardrooms, and a rooftop bar and restaurant with harbour views.
“As the first Waldorf Astoria property to debut in Australia, Waldorf Astoria Sydney signals Hilton’s commitment to expanding our luxury portfolio to the world’s most sought-after destinations,” said Hilton Area Vice President and Head of Australasia, Paul Hutton.
“Our personal, elegant service and timeless locally inspired environments are at the heart of every hotel.”
As part of the transaction, Fiveight will also own and develop the retail offering at ground level as well as in the adjacent luxury residential tower.
“We are truly excited to be a part of such an iconic project for Australia and look forward to deepening our relationship with Fiveight as we work together to deliver a truly world class experience at Waldorf Astoria Sydney,” Hutton added.
In July 2022, Lendlease and Mitsubishi Estate Asia formed a joint venture to acquire the One Circular Quay development for approximately AU$850 million with the latter holding a 66.7% stake.
One Circular Quay will feature 158 residences, including six sub-penthouses on levels 50-55 and a three-level penthouse which will boast five bedrooms, a private lift and a north-facing swimming pool and terrace.