The Waldorf Astoria New York Is for Sale Following $2 Billion Restoration

The Waldorf Astoria New York Is for Sale

The Waldorf Astoria New York is back on the market. The iconic property reopened late last year following a massive eight-year closure and restoration. I actually had a stay booked for early January using a Hilton Free Night Reward but unfortunately had to cancel. Hopefully, I’ll make it there soon.

But now, the owners are looking to sell the Park Avenue landmark, likely at a significant loss as reported by WSJ.

The Chinese firm Anbang Insurance Group originally purchased the property from Hilton for $1.95 billion back in 2014. Hilton had previously owned the hotel since 1972, when it was purchased from Penn Central.

Anbang began renovating the property in 2017, but the project was derailed that same year when its CEO was arrested and charged with fundraising fraud and embezzlement. The Chinese government subsequently seized the company and created Dajia Insurance Group to manage Anbang’s core assets, including the Waldorf Astoria hotel.

The extensive renovation lasted from 2017 until 2025, with a price tag that ballooned to over $2 billion due to pandemic delays and the complexity of landmark preservation. The work included the replacement of nearly 5,600 windows with historically accurate replicas and 1.3 million bricks that were cleaned or replaced.

The famous Grand Ballroom and the Park Avenue Foyer, both designated landmarks, were restored to their 1931 Art Deco glory.

This renovation also reduced the hotel’s footprint from 1,400 rooms to just 375. About half of the 1.6-million-square-foot structure was converted into 372 private residences, ranging from studios to four-bedroom condos. The condos are being sold separately from the hotel operations. They range in price from $1.8 million for studios to over $18 million for four-bedroom units.

The hotel is expected to sell for around $1 billion, or maybe slightly more.

While the condos could bring in up to an additional $2 billion, the total would still represent a significant loss on the $4 billion spent to purchase and renovate the property.

For those with upcoming stays or Hilton Honors free night or points to burn, it remains “business as usual” for now. Even with a new owner, the hotel is likely to stay within the Hilton portfolio. When Hilton sold the property in 2014, they signed a 100-year management agreement, ensuring that the Waldorf Astoria New York will remain the brand’s flagship for decades to come.

Have you stayed at Waldorf Astoria New York after the renovation, or even before? Leave a comment and let me know about your experience!

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