In 2025, the Waldorf Astoria New York reopened after an eight-year renovation (I recently stayed, and shared my thoughts), which ran five years behind schedule and more than $1 billion over budget. Now the property’s owners are looking to sell, almost certainly at a significant loss.
While the property was initially purchased by Anbang Insurance Group, the company’s CEO was arrested by Chinese authorities and charged for fraudulent fundraising and abusing his power. So the government took control of the company and installed state-run Dajia Insurance Group to handle its assets, including the Waldorf Astoria.
The historic hotel occupies a full city block on Park Avenue in Midtown Manhattan, and it reopened in recent months after an eight-year renovation, which lasted around five years longer than planned, and cost more than $2 billion.
A great solo travel tip spotted this week on One Mile at a Time.
