Hilton Selling Waldorf Astoria New York for Nearly $2 Billion
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GordonBellPhotography/iStock Editorial/Thinkstock(NEW YORK) — The Waldorf Astoria New York is one of the most iconic hotels in the world. It’s where American presidents stay in New York, where the U.S. ambassador to the United Nations lives and where the most American of salads was created.
But now, the legendary hotel is being sold to a Chinese investor — the Anbang Insurance Group — for $1.95 billion.
Hilton, which bought the property in the 1970s, will continue to manage the property under a 100-year agreement. It will use the proceeds of the sale to buy other hotels.
“We are very excited to be entering into this long-term relationship with Anbang, which will ensure that the Waldorf Astoria New York represents the brand’s world-class standards for generations to come. This relationship represents a unique opportunity for our organizations to work together to finally maximize the full value of this iconic asset on a full city block in midtown Manhattan,” Christopher Nassetta, Hilton Worldwide president and CEO, said in a statement Monday.
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