Nesuto was originally founded in 1982 and known as Waldorf Apartment Group, it was regarded as one of Australia and New Zealand's leading accommodation chains of quality furnished apartments and serviced apartments. 

In March 2017, Daiwa Living Management Co. Ltd (DLM), one of the largest Rental Housing management companies in Japan, together with Cosmos Initia Co, Ltd (CI), a Residential Developer in Japan, jointly purchased 75% of Waldorf Australia and New Zealand Group, creating Daiwa Living Waldorf Group. In 2018 DLM became sole owners of the Nesuto brand and portfolio.