NYC’s Waldorf Astoria Set to Hit the Market, Last Sold for Nearly $2B

New York City’s famed Waldorf Astoria hotel is set to hit the market, just months after its Chinese owners completed a multibillion-dollar makeover, the Wall Street Journal reported.

The property, which is managed by Hilton Worldwide and owned by China’s government-controlled insurance company Dajia Insurance Group, last sold for $1.95 billion in 2014 in one of the most expensive hotel deals ever signed, Reuters reported. Chinese reinsurance firm Anbang Insurance Group purchased the luxury Midtown East hotel in 2014 but handed it over to Dajia in 2018 after Anbang’s CEO was hit with charges of fraudulent fundraising.

Any change in the building’s ownership would not affect hotel operations, Hilton officials said. It would also not affect the condos created out of the redevelopment.

“While Hilton does not own the hotel, we are honored to be the manager of this iconic property through a 100-year agreement that will continue for decades to come,” a Hilton spokesperson said in a statement to Commercial Observer. “It remains business as usual at the hotel, and we look forward to continuing to serve our guests with legendary Waldorf Astoria service that is redefining luxury hospitality in New York City.”

The Hilton spokesperson directed any further questions to Strategic Hotels & Resorts, a portfolio of luxury hotels that Dajia owns in the U.S. A spokesperson for Strategic Hotels & Resorts did not immediately respond to a request for comment.

The Waldorf Astoria New York, located at 301 Park Avenue, reopened in July following an eight-year, $2 billion renovation that reduced the number of hotel rooms from more than 1,400 down to 375, as well as added 372 private residences to the property.  

The hotel’s Chinese owners are expecting to put the hotel on the market as early as next month through real estate investment bank Eastdil Secured, WSJ reported. Eastdil did not immediately respond to a request for comment. 

The landmark hotel’s renovation and conversion was one of the most expensive projects ever attempted in the U.S., according to reports. The project was completed about five years behind schedule and $1 billion over budget. New additions to the property include culinary concepts by executive chef Patrick Schaeffer, an updated spa, and a fully restored grand ballroom (just to name a few). 

No obvious buyers have emerged, but with Qatari government funds already owning the famed St. Regis New York and The Plaza, it is possible the buyer could be another Middle Eastern sovereign fund, WSJ noted. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.