U.S.: Waldorf Astoria’s Chinese Owners Plan to Sell NYC Hotel After Investment
Wall Street Journal reports:
The Chinese owners of the famed Waldorf Astoria in New York City are preparing to put the hotel up for sale, only months after it reopened following a multibillion-dollar, much-delayed overhaul.
A company controlled by the Chinese government is expected to begin marketing the hotel as soon as next month through the real-estate investment bank Eastdil Secured, according to people with knowledge of the plans.
The historic hotel, which occupies a full city block on Park Avenue in Midtown Manhattan, reopened this past fall after an eight-year gut renovation that created a smaller hotel with 375 guest rooms and 372 condominium units for sale. The Waldorf’s adjoining restaurants, shops and other amenities would be included in a sale, but the condos would continue to be sold separately.
The Waldorf’s transformation was completed last year about five years behind schedule and more than $1 billion over budget.