The Waldorf Renovation: Over Budget, Past Deadlines, a Man Imprisoned

Ryan Knutson and Craig Karmin discuss the history, sale, and renovation of the Waldorf Astoria Hotel in New York City. Originally opened in 1931 and later owned by the Hilton Hotel Corporation, the aging hotel was sold in 2014 to Chinese businessman Wu Xiaohui for $1.95 billion. Wu planned an ambitious renovation to restore the hotel to its former glory, but his arrest in 2017 for fraudulent fundraising led to the Chinese government taking over the project. The renovation, initially planned for a quick turnaround, faced numerous delays and budget overruns, ultimately costing $6 billion and taking eight years. The renovated Waldorf Astoria now includes both hotel rooms and condos, with the question remaining whether the investment will ever yield a return.