The owners of the Waldorf Astoria New York in Manhattan are preparing to sell the historic property as soon as next month, The Wall Street Journal reported Wednesday.
The upcoming sale comes months after the Park Avenue landmark reopened after undergoing an eight-year, $2 billion renovation project that began in 2017. The restoration, which retained some of the hotel’s historic interiors and installed modern elements, was initially delayed by about five years.
New York City-based real estate investment bank Eastdil Secured is reportedly bringing the 375-room hotel to the market, on behalf of its Chinese owners. Eastdil did not return a Hotel Dive request for comment by the time of publication.
Chinese financial conglomerate Anbang Insurance Group bought the hotel in 2014 for about $1.95 billion, setting a record for the most expensive hotel sale at the time, according to Forbes. Chinese state-backed group Dajia Insurance Group later took over the hotel in 2018 after Anbang’s CEO was prosecuted for fraud.
The hotel is now expected to sell for no less than $1 billion, Hotel Investment Today reported. Due to its steep price tag, it’s likely the Midtown hotel will fall into the hands of another foreign entity or government, sources told The Wall Street Journal.
The Waldorf Astoria New York, which first opened in 1931, is part of Hilton’s luxury portfolio.
A spokesperson for Hilton declined to comment on the hotel’s ownership transition, but said the company is “honored to be the manager of this iconic property through a 100-year agreement that will continue for decades to come.”
This potential sale also comes as luxury hotels continue to play a front-and-center role in the hospitality industry, pulling consistent demand, boosting hotel companies’ returns and attracting more brands in the sector.
Hilton has other Waldorf Astoria projects in the works, as it rapidly expands its luxury portfolio. It recently announced plans to open Waldorf Astoria Deer Valley Resort and Residences as a new skiing destination. Waldorf Astoria will also see upcoming openings in Miami and Texas Hill Country in Fredericksburg.
