Iron ore billionaire Andrew “Twiggy” Forrest is continuing his expansion into Australian hospitality assets with prolonged negotiations to purchase the under-construction Waldorf Astoria hotel in Circular Quay.

 The expected deal is to be worth up to $572m which will place the 220 rooms inside the six-star hotel at a price of $2.6m each. Lendlease is behind the project and this hotel is part of Lendlease’s broader One Circular Quay development with an estimated value of $3bn.

The Waldorf Astoria is primed to become Australia’s most prominent hotel with room rates set to eclipse the neighbouring Park Hyatt on Sydney Harbour. The entire development comprises of two towers with the larger being a 59-level luxury residential tower and the other being the Waldorf Astoria hotel.