The Waldorf’s $6 billion makeover

How a Chinese buyout, years of delays, and Hilton’s big bet reshaped New York’s most famous hotel

The Waldorf Astoria, once New York’s most glamorous hotel, has finally reopened after an eight-year, $6 billion conversion into a mix of luxury hotel rooms and condominiums. What began with a record-breaking Chinese acquisition unraveled into delays, spiraling costs, and government takeover—yet Hilton now sees the reborn Waldorf as the flagship of its global luxury brand.

Key takeaways

• A record-setting purchase: Chinese businessman Wu Xiaohui bought the Waldorf in 2014 for $1.95 billion, part of a wave of high-profile overseas acquisitions by Chinese investors.
• Ambitious plans, impossible timelines: Wu envisioned a fast-track renovation with condos and hotel rooms, but strict landmark rules, high labor costs, and complex upgrades made his three-year goal unrealistic.
• Collapse of the owner’s empire: Wu was arrested in 2017 for financial crimes, and China’s government took control of his company, leaving the Waldorf in the hands of state-owned Dajia Insurance Group.
• Ballooning costs: The combined acquisition and redevelopment bill climbed to roughly $6 billion, driven by union payouts, system overhauls, and painstaking restoration of landmarked interiors.
• A new flagship for Hilton: The property has reopened with 375 hotel rooms and 372 condos, marketed as the crown jewel of Hilton’s luxury brand, with nightly hotel rates starting at $1,500.
• Uncertain financial returns: Despite strong interest in condos and the cachet of the Waldorf name, industry insiders doubt the Chinese owners will ever recoup their massive investment.

Get the full story at The Wall Street Journal (subscription required)