After finalizing the record breaking sale of the landmark Waldorf Astoria on Park Avenue to China’s Anbang Insurance for $1.95 billion, Hilton Worldwide is using a big slice of the proceeds to go on its own hotel shopping spree.
Hilton will buy five new hotels – the Hilton Orlando Bonnet Creek and the Waldorf Astoria in Orlando, the Reach and Casa Marina Waldorf Astoria resorts in Key West, and the 1,024-room Parc 55 in San Francisco.
The total purchase value is about $1.76 billion, Hilton said.
Hilton’s majority owner, Blackstone Group LP has an interest in all the five properties.
The acquisitions will close later this month and remaining money from the New York sale will be set aside for other purchases in the coming months, the company said.
