Investing
NYC's Waldorf Gets Plush Renovation, Becomes Icon of China's Overreach
The storied hotel was bought by Anbang before its Chairman was jailed. Now it’s undergoing a vast renovation overseen by a state-backed enterprise.

The Waldorf Astoria in New York in 2017.
Photographer: Drew Angerer/Getty Images
The visitor from China had billions to spend, and he expected more from the Waldorf Astoria.
Wu Xiaohui wanted a fleet of Rolls-Royces to whisk him from a metro New York airport to the storied Park Avenue hotel, where princes and presidents have luxuriated, eggs Benedict was invented and Cole Porter wrote “Anything Goes.” Waldorf staff scrambled.