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China-linked firm plans to sell New York's Waldorf Astoria after costly renovation and amid shifting investment trends.
The Chinese government-owned entity behind the Waldorf Astoria in New York is preparing to sell the iconic hotel, months after its reopening following an eight-year, multibillion-dollar renovation.
The property, originally bought by Anbang Insurance Group in 2014 for $1.95 billion, was transformed into a luxury hotel and residential complex with 375 rooms and 372 condos.
The project, which exceeded its budget by over $1 billion and faced major delays, is now being marketed for more than $1 billion, though owners do not expect to recover all costs.
The sale comes amid a broader trend of Chinese investors exiting U.S. real estate, driven by geopolitical tensions.
The hotel remains under a 100-year management agreement with Hilton.
Una firma vinculada a China planea vender el Waldorf Astoria de Nueva York después de una costosa renovación y en medio de tendencias cambiantes de inversión.