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Hilton buying five hotels with Waldorf Astoria proceeds
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.
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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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