China Plans To Sell Iconic Waldorf Astoria New York At A Loss

The Chinese government is looking to sell the historic hotel after a costly eight-year renovation.

Published on Feb. 13, 2026

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The Chinese government is planning to sell the Waldorf Astoria New York, one of the most famous hotels in the world, after an eight-year, $2 billion renovation that ran five years behind schedule. The property was purchased by a Chinese state-owned firm in 2014 for a record $1.95 billion, but the government now expects to sell it at a significant loss as part of a broader divestment of Chinese assets in the United States.

Why it matters

The sale of the Waldorf Astoria New York is a high-profile example of the Chinese government pulling back from major real estate investments in the U.S. amid worsening political tensions between the two countries. The massive renovation costs and the hotel's competitive position in the New York market also raise questions about the viability of the property under continued Chinese ownership.

The details

The Waldorf Astoria New York, which occupies a full city block on Park Avenue in Midtown Manhattan, recently reopened after an eight-year, $2 billion renovation that converted the property from a 1,400-room hotel to a mixed-use development with 375 hotel rooms and 372 condominiums. The renovation was originally expected to take just three years but ended up lasting around five years longer than planned.

  • The Waldorf Astoria New York was purchased by a Chinese state-owned firm in 2014 for $1.95 billion.
  • The eight-year, $2 billion renovation of the property was completed in 2025.
  • The Waldorf Astoria New York is expected to be put up for sale as soon as next month (March 2026).

The players

Anbang Insurance Group

The Chinese company that originally purchased the Waldorf Astoria New York in 2014, before its CEO was arrested and the government took control of the company's assets.

Dajia Insurance Group

The state-run Chinese firm that now controls the Waldorf Astoria New York after the government took over Anbang Insurance Group.

Hilton

The hotel company that has a 100-year management contract for the Waldorf Astoria New York, so it will likely retain the hotel's branding even if the property is sold.

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What they’re saying

“This sale would be part of a wave of Chinese property owners pulling out of the US market, given worsening political tensions between the two countries.”

— Ben Schlappig (onemileatatime.com)

What’s next

The Waldorf Astoria New York is expected to be put up for sale as soon as next month, with the hotel's adjoining restaurants, shops, and other amenities included in the sale, while the condos would continue to be sold separately.

The takeaway

The planned sale of the iconic Waldorf Astoria New York at a significant loss highlights the Chinese government's broader retreat from major real estate investments in the United States amid heightened political tensions. The massive renovation costs and competitive pressures in the New York hotel market also raise questions about the long-term viability of the property under continued Chinese ownership.