2026년 2월 22일 · Unknown · financial · 출처 Yahoo Finance
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After a $2 billion renovation, the legendary Waldorf Astoria New York is being put up for auction, according to The Wall Street Journal.
Dajia Insurance Group, the Chinese state-backed owner, has tapped Eastdil Secured to market the hotel. The seller has not publicly set a price, The Journal reported.
A Costly Transformation
The sale represents the final chapter of a decade-long capital cycle that began with Anbang Insurance Group, later reorganized into Dajia, purchasing the hotel for $1.95 billion in 2014.
The cost to renovate the property spiked by 25%, with the total investment — acquisition plus renovation — estimated to exceed $4 billion, The Journal reported in 2022.
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The eight-year renovation slashed the hotel's footprint from 1,400 rooms to 375 spread across 633,000 square feet, according to the New York Post.
About half of the 1.6 million-square-foot structure was converted into 372 private residences. The condos, which are being sold separately from the hotel operations, range in price from $1.8 million for studios to over $18 million for four-bedroom units.
Preserving a Landmark
The lengthy delay was partly because of the building's landmark status, according to The Journal. Developers had to clean or replace each of the building's 1.37 million exterior bricks and substitute all 5,584 windows with historically accurate replicas. Inside the building, the vast lobby was returned to its original 1931 proportions.
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While the broader commercial real estate market has faced headwinds, Manhattan's luxury sector has shown resilience. According to CoStar data, average daily rates for New York luxury hotels hit $580 last year.
Luxury hotels continue to perform well, said Jan Freitag, CoStar's national director of hospitality analytics.
"I think what the post-COVID era has shown is that the K-shaped economy produced a lot of households with a lot of high net worth that are very interested in spending on experiences," he said.
The Waldorf sale follows a flurry of high-profile New York City hotel deals, including the Ritz-Carlton New York, Central Park, which reportedly sold for about $400 million in a deal announced on Feb. 6; the InterContinental Times Square, sold for $230 million in December; and the Edition Clocktower Hotel, which traded for $250 million in October.
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