Historic Waldorf Astoria Is Most Expensive Hotel Sold Ever
The 83-year-old New York City institution will remain under its same management, but with new ownership.
Famed New York City Hotel, the Waldorf Astoria, will soon be under new ownership.
Currently owned by Hilton Worldwide Holdings, the hotel is set to be sold to China's Anbang Insurance Group Co. for $1.95 billion.
The hotel will continue to be managed by Hilton for the next 100 years, and renovations to restore the building are in the works.
This is the largest transaction ever made for an American hotel.
The sale marks another real estate purchase by Chinese investors, who have recently been driving up the price of Manhattan real estate.
Money from the sale will be used by Hilton to purchase more hotel properties in the United States.
The Waldorf Astoria opened in 1931 and at the time was the tallest and largest hotel in the world.
Conrad Hilton acquired management rights in 1949, and the Hilton Hotel Corporation purchased the hotel in 1972.
Famed New York City Hotel, the Waldorf Astoria, will soon be under new ownership.
Currently owned by Hilton Worldwide Holdings, the hotel is set to be sold to China's Anbang Insurance Group Co. for $1.95 billion.
The hotel will continue to be managed by Hilton for the next 100 years, and renovations to restore the building are in the works.
This is the largest transaction ever made for an American hotel.
The sale marks another real estate purchase by Chinese investors, who have recently been driving up the price of Manhattan real estate.
Money from the sale will be used by Hilton to purchase more hotel properties in the United States.
The Waldorf Astoria opened in 1931 and at the time was the tallest and largest hotel in the world.
Conrad Hilton acquired management rights in 1949, and the Hilton Hotel Corporation purchased the hotel in 1972.
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