Chinese Insurer Owner to Sell NYC’s Waldorf Astoria After Acclaimed Renovation

The Waldorf Astoria hotel on Manhattan’s Park Avenue is coming up for sale following an extensive renovation.

Real estate investment bank Eastdil Secured is expected to bring the hotel to market on behalf of the hotel’s Chinese owners, according to a person familiar with the plans, who asked not to be named discussing a private matter.

A representative for Eastdil didn’t immediately respond to a request for comment. The Wall Street Journal reported on the planned sale earlier Wednesday.

China’s Anbang Insurance Group agreed to acquire the Waldorf in 2014, paying a record $1.95 billion for the property. The new owner closed the hotel and embarked on a lengthy renovation process that restored the luxury property’s former glory while converting many rooms into condominiums.

The hotel, now owned by state-run Dajia Insurance Group, reopened last year to wide acclaim and high room prices.

Dajia didn’t immediately respond to a request for comment.

Related:

• New York’s Waldorf Owner Pressured to Sell as China Clampdown Escalates
• China Creates Insurance Group to Take Over Troubled Insurer Anbang

Topics Carriers China