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Waldorf Astoria’s Chinese Owners Plan to Sell NYC Hotel After Extravagant Makeover
The owners seek to recoup part of their $4 billion investment after an eight-year renovation that included reducing rooms from 1,400 to 375, sources said.
- The Chinese owners are preparing to sell the Waldorf Astoria, reported Feb 11 by the Wall Street Journal.
- After an eight-year renovation, the Waldorf reopened in November, with costs over $4 billion due to delays and $2 billion in additional construction, the WSJ reported.
- Planned sale terms would include restaurants, shops and amenities while condos would be sold separately, and Hilton Worldwide manages the hotel under a 100-year contract, directing sale queries to Strategic Hotels & Resorts.
- The Chinese ownership group does not expect to recover all costs, and the billion-dollar-plus price tag means only a small cadre of potential buyers could afford the Waldorf Astoria, the Wall Street Journal reported.
- Culturally, the Waldorf Astoria's management links to legal and state-management steps, as Dajia Insurance Group now manages assets after Wu Xiaohui's prosecution, and the hotel’s cultural cachet adds prestige.
15 Articles
15 Articles
The Commercial Real Estate Market Is Touting a Recovery as the Waldorf Astoria Offers a Test
An iconic symbol of New York’s old money scene that Cole Porter, Frank Sinatra and Marilyn Monroe once called home is about to be plastered with a “for sale” sign, offering the commercial real estate market its ultimate test case. The Chinese state-run company that owns Manhattan’s Waldorf Astoria is preparing to sell the hotel, The Wall Street Journal reported this week, citing people with knowledge of the plans. The Waldorf, where Grace Kelly…
The Chinese owners of the iconic Waldorf Astoria in New York City are preparing to sell the luxury hotel, months after it reopened after a multi-million-dollar refurbishment, according to the Wall Street Journal this Wednesday.
Waldorf Astoria's Chinese owners plan to sell iconic NYC hotel, WSJ reports
The Chinese owners of the iconic Waldorf Astoria in New York City are preparing to put the luxury hotel up for sale, months after it reopened following a multibillion-dollar overhaul, the Wall Street Journal reported on Wednesday.
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