The Chinese government-controlled Dajia Insurance Group is preparing to sell the iconic Waldorf Astoria New York, months after the luxury hotel reopened following an eight-year, $4 billion renovation, according to a Wall Street Journal exclusive.

The Park Avenue landmark, which originally had 1,400 rooms, now features 375 hotel guest rooms and 372 condominium units. Hilton continues to manage the property under a 100-year contract. The sale would include the hotel, its signature restaurants, shops, and amenities, while the condos would continue to be sold separately.

Eastdil Secured is expected to launch the marketing process next month, with Middle Eastern and Asian sovereign wealth funds seen as likely buyers. Industry sources project a sale price exceeding $1 billion, short of the total investment by the owners. Only a small cadre of global investors is expected to have the capacity to acquire the flagship property.

The hotel’s renovation, completed in fall 2025, was delayed by five years and ran more than $1 billion over its original budget. Developers described the transformation as one of the most complex and expensive real estate conversions in the United States. Restoration efforts preserved 62,000 square feet of landmark-protected spaces, with design led by Skidmore, Owings & Merrill.

The planned sale is part of a broader trend of Chinese investors divesting from U.S. commercial real estate amid political and economic pressures. Dajia inherited the property after regulators seized Anbang Insurance Group following founder Wu Xiaohui’s arrest in 2018. The group is also marketing other luxury hotel assets in the U.S., including the JW Marriott Essex House in Manhattan and the Four Seasons in Washington, D.C.

The Waldorf Astoria’s return to the market comes amid strong performance in New York’s luxury hotel sector. Last year, average daily rates exceeded $580, while revenue per available room topped $450, according to CoStar. The property’s prestige, combined with Hilton’s long-term management agreement, adds stability and brand value for potential buyers.

The outcome of the sale will be closely watched by investors, as it may signal ongoing shifts in Chinese ownership of U.S. trophy real estate assets.