Waldorf Astoria NY Sold For Hefty Price

NEW YORK CITY—Hilton will continue managing the iconic hotel for another century, and it has big plans for the property.

By Rayna Katz | Updated on October 06, 2014

NEW YORK CITY—Hilton Worldwide Holdings Inc. has sold the iconic Waldorf Astoria New York for $1.95 billion. The buyer is Anbang Insurance Group Co. Ltd. As part of a long-term strategic partnership between the two organizations, 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 intends to use the proceeds from the sale to acquire additional hotel assets in the US. in one or more transactions as part of a like-kind exchange under Internal Revenue regulations. The hotelier did not reveal what properties would be acquired or a timeline for such transactions.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

New Energy Efficiency Rules Announced by DOE

Erik Sherman | April 17, 2024

The Biden administration finalizes standards on lightbulbs, commercial unitary air conditioners and heat pumps, circulator pumps, dishwashers, and refrigeration products.

Whitestone REIT Completes Sale of Legacy Houston Retail Center

John Jordan | October 01, 2018

Torrey Square posted the lowest base rent per-leased-square-foot in Whitestone’s wholly-owned portfolio. Since its IPO in 2010, Whitestone has improved its base rent per leased square foot by over 80%.

Hotel Investment Sales Post Quarterly Decline

Daniel H. Lesser | April 29, 2024

Cracks may be beginning to emerge with March 2024 RevPAR declining on a year-over year basis,.

Resource Center

Better decisions come from better data, insight and coordination. Download this guide for insights on how to optimize the lease administration process and recommendations for best practices to deliver increased ROI across the lease lifecycle.

Guide

Sponsored by LeaseAccelerator

The Real Estate Leader's Quick Guide: Insights for Better Lease Administration

Better decisions come from better data, insight and coordination. Download this guide for insights on how to optimize the lease administration process and recommendations for best practices to deliver increased ROI across the lease lifecycle.

Browse More Resources ›

Discover how to transform your real estate assets from mere spaces into vibrant experiences that captivate tenants -- and their employees -- to support engagement and retention.

Guide

Sponsored by HqO

How to Develop a Real Estate Experience (REX) Strategy for Your Tenants

Discover how to transform your real estate assets from mere spaces into vibrant experiences that captivate tenants -- and their employees -- to support engagement and retention.

Browse More Resources ›

Cementing your CRE portfolio’s long-term growth means assembling a great tech stack to support your goals. However, selecting the right solutions takes preparation and research. This guide outlines five areas of consideration to help you find the right fit.

Guide

Sponsored by Building Engines

How to Choose the Right Building Operations Tech to Boost Your NOI

Cementing your CRE portfolio’s long-term growth means assembling a great tech stack to support your goals. However, selecting the right solutions takes preparation and research. This guide outlines five areas of consideration to help you find the right fit.

Browse More Resources ›

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.