Waldorf Astoria Hotel in NYC Up for Sale After $2B Overhaul

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The Waldorf Astoria hotel in New York City is headed for the auction block after its Chinese state-backed owners, Dajia Insurance Group, completed a sweeping $2 billion renovation that converted many of the hotel's rooms into condominiums. Eastdil Secured has been tapped to market the property on Dajia's behalf, though the asking price has not been disclosed.

Why it matters

The sale of the Waldorf Astoria marks a major transition for one of New York City's most iconic and culturally significant hotels. The extensive renovation project, which took eight years and cost over $4 billion in total, highlights the complexities of preserving historic landmarks while modernizing them for the luxury residential market. The sale also comes amid a flurry of high-profile hotel transactions in Manhattan's luxury real estate sector.

The details

Anbang Insurance Group, the previous Chinese owner, bought the Waldorf Astoria in 2014 for $1.95 billion and closed the property in 2017 to begin a $2 billion overhaul. The project was far more complicated and costly than initially envisioned, with renovation and conversion costs ballooning to over $2 billion due to factors like landmark preservation rules, pandemic-era supply chain issues, and the challenges of gutting and rebuilding the nearly century-old structure. The renovation left 375 hotel rooms, down from 1,400 previously, and created 372 private residences priced from $1.8 million to over $18 million.

• Anbang Insurance Group bought the Waldorf Astoria for $1.95 billion in 2014.
• The property was closed in 2017 to begin a $2 billion renovation and conversion project.
• The eight-year renovation project was completed in 2025.

What’s next

Eastdil Secured is expected to begin marketing the Waldorf Astoria property for sale on behalf of Dajia Insurance Group, though the asking price has not been disclosed.