Waldorf Astoria New York Sold for $1.95 Billion
October 7, 2014
HIlton Worldwide Holdings Inc. has announced an agreement to sell the Waldorf Astoria New York to Chinese firm Anbang Insurance Group. As part of this long-term strategic partnership, Anbang will grant Hilton Worldwide a management agreement to continue to operate the property for the next 100 years, and the hotel will undergo a major renovation to restore the property to its historic grandeur.
Hilton Worldwide plans to use proceeds from the hotel’s sale to buy additional hotel assets in the U.S.