Iconic Waldorf Hotel New York Hits Market After $2B Renovation

Core Insights - The Waldorf Astoria New York is being put up for auction after a $2 billion renovation, marking the end of a decade-long capital cycle that began with its acquisition by Anbang Insurance Group for $1.95 billion in 2014 [6][7]. Recent Hotel Transactions - The Waldorf sale follows several high-profile hotel transactions in New York City, including the Ritz-Carlton New York, Central Park for approximately $400 million, the InterContinental Times Square for $230 million, and the Edition Clocktower Hotel for $250 million [1]. Market Trends - The luxury hotel sector in Manhattan has shown resilience despite broader commercial real estate challenges, with average daily rates for luxury hotels reaching $580 last year [2]. Renovation Details - The renovation of the Waldorf involved significant restoration efforts, including cleaning or replacing 1.37 million exterior bricks and substituting 5,584 windows with historically accurate replicas, returning the lobby to its original 1931 proportions [4]. Property Conversion - Approximately half of the Waldorf's 1.6 million-square-foot structure has been converted into 372 private residences, with prices ranging from $1.8 million for studios to over $18 million for four-bedroom units [5]. Investment Overview - The total investment for the Waldorf, including acquisition and renovation, is estimated to exceed $4 billion, reflecting a 25% increase in renovation costs [6].