The Waldorf Astoria hotel on Manhattan’s Park Avenue is coming up for sale following an extensive renovation.
Real estate investment bank Eastdil Secured is expected to bring the hotel to market on behalf of the hotel’s Chinese owners, according to a person familiar with the plans, who asked not to be named discussing a private matter.
A representative for Eastdil didn’t immediately respond to a request for comment. The Wall Street Journal reported on the planned sale earlier Wednesday.
China’s Anbang Insurance Group agreed to acquire the Waldorf in 2014, paying a record $1.95 billion for the property. The new owner closed the hotel and embarked on a lengthy renovation process that restored the luxury property’s former glory while converting many rooms into condominiums.
The hotel, now owned by state-run Dajia Insurance Group, reopened last year to wide acclaim and high room prices.
While both reports highlight the impact of AI and automation in driving down expenses, the AM Best report, which gives the historical take, also flags drops in rent expenses related to increased remote work as a factor.
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Analyzing underwriting ratios of the 2014-2024 timeframe, AM Best noted that while the loss ratio declines, including a 5.4-point drop in the U.S. property/casualty insurance industry loss from 2023 to 2024, drove improved results in recent years, looking over the entire 11-year period, the expense ratio fell to 25.3 in 2024, compared to 27.7 in 2014.
The overall 2.4 percentage point decrease in the U.S. P/C insurance segment’s long-term underwriting expense ratio was primarily driven by a 1.9-point decrease in the other acquisition expenses ratio and a smaller, 0.5-point decrease in the general expense ratio, AM Best said in a Jan. 6, 2026, special report, “Lower P/C Insurer Expenses Boost Underwriting Results.”