Hilton Worldwide is selling its flagship hotel, the iconic Waldorf Astoria in New York to China-based buyer Anbang Insurance Group for $1.95 billion, but the Hilton Worldwide will continue to manage the property under a 100-year management agreement. The price makes the Waldorf Astoria the most expensive single hotel ever sold in the U.S., according to LW Hospitality Advisors. The 47-story Park Avenue hotel, which first opened in 1931, will also undergo a major renovation to restore the property to its historic grandeur.
The hotel is famously called “The Greatest of the Them All” and has been the backdrop for many movies, including the 1993 Oscar winner Scent Of A Woman. The hotel features cosmopolitan restaurants, bustling lounges and bars, the Guerlain Spa, more than 60,000 square feet of high-tech equipped function space, a state-of-the-art business center and intriguing boutiques.
Hilton Worldwide intends to use the proceeds from the sale to acquire additional hotel assets in the U.S. The acquisitions will be finalized and announced at a later date, the company said in a press release.
Since 2007, the brand has increased its footprint more than five times to a portfolio of 27 landmark destinations, including Amsterdam, Beijing, Chicago, Dubai, Jerusalem, Ras Al Khaimah and Shanghai. Its pipeline of nine additional hotels includes key destinations such as Bali, Bangkok and Beverly Hills.
[Via – CNBC]