The Waldorf Astoria was once the pinnacle of American hospitality.

The Fall—and Rise?—of the Waldorf Astoria

Once host to U.S. presidents, the hotel may finally be reopening after eight troubled years

By Ben Ryder Howe

It has been a decade of insults for the Waldorf Astoria.

Eight years ago, the Park Avenue colossus abruptly closed for renovations. The 1,413-room hotel had been sold to Anbang, a mysterious Chinese insurer. Once upon a time, allowing foreigners to own the Waldorf—a symbol of American luxury no less iconic than the martini—would have been inconceivable.