"Some reasons for the delays are well known: Anbang's founder, Wu Xiaohui, was sent to prison in 2017 during a crackdown on foreign investment, and the Chinese government took over the project; then came COVID and the kinds of delays that may be expected when renovating a nearly 100-year-old building and converting a big chunk of it into condos. But other details of the renovation saga have not been publicized until now."
"The Waldorf Astoria reopened this summer after an extensive renovation that went five years over schedule and apparently a billion dollars over budget, The Wall Street Journal reported this week. The Art Deco hotel's much-delayed renovation has been a subject of interest and speculation as it dragged on over the years since it was purchased by the Chinese insurance giant Anbang for $1.95 billion in 2014."
"1. Brokers told the real-estate executives handling the Waldorf sale that it was worth only a little over $1 billion, but they decided to ask Wu for nearly twice that during a business breakfast at the Peninsula Hotel. They were shocked when he more or less said "yes," countering their $2 billion ask with a $1.9 billion offer. By the end of the day, they had a handshake deal for $1.95 billion."
The Waldorf Astoria reopened after an extensive renovation that finished five years late and exceeded the budget by roughly a billion dollars. The property was purchased by Anbang for $1.95 billion in 2014 following a surprise agreement reached during a business breakfast. Renovation and condominium conversion plans were disrupted by the imprisonment of Anbang's founder in 2017, a Chinese government takeover, the COVID-19 pandemic, and the technical challenges of restoring and adapting a nearly century-old, landmarked building. The hotel’s ornate public spaces and historic significance heightened public interest and scrutiny throughout the prolonged project.
Read at Curbed
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