Following its reopening last fall upon completion of an eight-year gut renovation, the iconic Waldorf Astoria in Midtown Manhattan is going up for sale. The Wall Street Journal reported that Dajia Insurance Group, a company controlled by the Chinese government, is expected to begin marketing the hotel as soon as next month through Eastdil Secured.
A sale price would likely top $1 billion, the WSJ reported. However, the hotel’s owners don’t expect to recoup the entire cost of acquiring and renovating the property, which ran to nearly $4 billion.
Middle Eastern and Asian sovereign funds and other foreign governments could be potential buyers, according to the WSJ. Qatari government funds already own the St. Regis and Plaza hotels.
The process of turning the 1,400-key Waldorf into a hybrid hotel/residential condominium began in 2014, when Anbang Insurance Group paid $1.95 billion in one of the most expensive lodging acquisitions on record. Chinese regulators later took control of Anbang and put Dajia in charge of its assets. The renovation resulted in 375 guest rooms and 372 condos; the latter would not be part of a sale.
Photo courtesy of Skidmore, Owings & Merrill.
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