The Waldorf Astoria Hotel in New York City is one of the most iconic hotels in the world.

And it was once the crown jewel of New York glitz and glam.

I spoke to my colleague Craig Carman about it.

It's one of the most famous hotels in America. It opened in 1931,

and at the time it was probably the most luxurious hotel, probably in the world. It was also the most

modern. Imagine it's the 1950s. You're headed out for a night on the town, so you put on your

finest clothes and head to the Waldorf.

So you would probably walk in from Park Avenue.

The hotel took up a full block on Park Avenue.

You'd walk up the marble stairs.

And once inside, you would probably be surrounded by wealthy business people, tourists,

perhaps the occasional celebrity or sports figure.

There was a part of the hotel lobby known as Peacock Alley.

It was a place where people went to strut their stuff.

The hotel drew celebrities like Marilyn Monroe and Frank Sinatra, and even presidents have stayed

there.

But by the 2010s, the hotel was losing

its shine. It badly needed renovations. The plumbing was old. Elevators needed to be repaired.

In 2014, a Chinese billionaire bought it, looking to restore it to its former glory. But it was a tall task. They would go

a billion dollars over budget, take nearly a decade to finish. And before it would be done,

its new owner would end up in jail. Welcome to The Journal, our show about money, business,

and power.

...