Is Twiggy Forrest closer to buying Astoria Waldorf?

Andrew ‘Twiggy’ Forrest is continuing negotiations to buy the Waldorf Astoria hotel in Sydney’s Circular Quay.

The asking price will be up to $572 million, but as one of the country’s richest men he can certainly afford to build his property.

However, the asking price may be the only sticking point.

Negotiations are ongoing and at a rate of up to $2.6 million for each of the 220 rooms.

Sources close to the deal say the luxury six-star hotel is being developed by Lendlease as part of its $3 billion One Circular Quay development.

Neither lendlease nor Forrest’s property division Fiveight Pty Ltd have made comment.

Forrest is currently building the property portfolio to match the increase post COVID travel demand. In November 2021, he purchased Lizard Island in Far North Queensland for $42 million through his private investment company Tattarang.

The Waldorf Astoria would give Forrest one of Sydney’s most prominent locations.

No matter who owns the Hilton-owned hotel, it will become one of Australia’s most high-profile locations, with room rates set to exceed that of the Park Hyatt on Sydney Harbour.

The hotel is just one facet of a larger Lendlease development that includes super luxury apartments, which are expected to be marketed by the end of this year.

There will be two towers: a 59-level luxury residential tower, designed by the late award-winning Australian architect Kerry Hill and a second tower, designed by Kengo Kuma & Associates. This will house the Waldorf Astoria hotel.

If Forrest acquires the hotel, it is expected to start a local acquisition flow on effect, with the hotel sector recently dominated by Chinese owners.

Jonathan Jackson - 7-11-22