Hilton to sell Waldorf Astoria New York to China's insurer Anbang

[TaiShang]

Hilton to sell Waldorf Astoria New York to China's insurer Anbang

Hilton Worldwide Holdings Inc. announced Monday that it has entered into an agreement with Anbang Insurance Group Co. Ltd. to sell the Waldorf Astoria New York hotel to the Chinese insurer.

Under the agreement, Anbang will purchase the iconic luxury hotel for 1.95 billion US dollars, Hilton Worldwide said in a statement.

Hilton Worldwide intended to use the proceeds from the sale to acquire additional US hotel assets, with these acquisitions to be announced later, according to the statement.

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, said the statement.

"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," said Christopher J. Nassetta, president and chief executive officer of Hilton Worldwide.

Shares of Hilton Worldwide initially moved higher following the announcement, but slipped 0.66 percent to trade at 24.16 dollars apiece around midday.

The Waldorf Astoria New York, located in midtown Manhattan, is the flagship hotel of Hilton Worldwide's rapidly-expanding luxury brand, Waldorf Astoria Hotels & Resorts, and has been favored by visiting politicians, business leaders and celebrities.

 

[DarkElf]

$1.95b for almost 100 year old building, iconic but overpriced purchased?

 

[cirr]

China is interested in buying Boeing and Lockheed Martin。

Will the US sell them since it considers itself the bastion of free capital and market？

Don't give me the “national security” sh1t for the US is the first and last country violating every other's national security。

$1.95b for almost 100 year old building, iconic but overpriced purchased?

It would cost more to build same in，say，Shanghai。

 

[DarkElf]

It would cost more to build same in，say，Shanghai。

Yes, Shanghai tower cost twice, but it's almost three time higher and brand new. Beside there's cheaper and also iconic Plaza hotel owned by Indian on sale in NY right now..

 

[Hyperion]

Chinese 'operation-soft-invasion' of the US of A in last legs................ Last nail in the coffin, perhaps? Now if some Chinese business tycoon could impregnate Paris Hilton, that would be super fun as well..........

 

[terranMarine]

Chinese 'operation-soft-invasion' of the US of A in last legs................ Last nail in the coffin, perhaps? Now if some Chinese business tycoon could impregnate Paris Hilton, that would be super fun as well..........

And produce more retards so the world can suffer more? no thanks

 

[Keel]

Hilton s Waldorf Astoria NY hotel sold to China’s Anbang for $1.95bn
By Anna Nicolaou in New York
October 6, 2014

Cant post the link
The above is an informative article from FT which sheds more lights on the deal
It didnt mention anything about the occupancy rate though

 

[ali_raza]

nawaz slept there for sone nights.they went bankrupt after that.pakistan is no wonder in a big mess.:p