The planned 12-story, 170-room luxury hotel will be the brand's first new addition on the West Coast and it adds to the Waldorf's portfolio of 24 hotels and resorts.
The hotel is being developed through a partnership between a private investor group led by Alagem Capital Group and clients of Guggenheim Partners.
The nine-acre property is located next to the Beverly Hilton on the corner of Wilshire and Santa Monica Boulevards.
It will feature a triple-height lobby with a contemporary Art Dec design as well as the signature Waldorf Astoria clock, hand-painted murals of California and 6,300-square feet of indoor meeting and special events space.
The Los Angeles Times reported designers want the new hotel to "evoke Hollywood glamour and airy California cool."