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Chinese firm acquires iconic Waldorf Astoria from Hilton
Hilton Worldwide said it is selling flagship property Waldorf Astoria New York hotel for almost $2 billion which will be used to purchase more hotel assets in the US.
The new owner is to be Chinese firm Anbang Insurance Group Co Ltd which is based in Beijing and manages about $114 billion worth of assets.
The sale price is thought to be about $1.95 billion.
The Waldorf Astoria New York was bought by founder Conrad Hilton in 1949 and is one of the most storied hotel properties in New York.
When opened in 1931, it was thought to be the largest hotel in the world and covers an entire city block between Park and Lexington Avenues.
The two companies issued a joint statement saying the hotel will undergo a ‘major renovation to restore the hotel to its historic grandeur,’ and the deal gives Hilton a contract to manage the hotel for the next 100 years.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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