NEW YORK CITY—When a hotelier has the US State Department andthe White House as its customers, there's probably a good chance ofscrutiny coming your way when the ownership changes hands.
That appears to be happening in the case of the Waldorf-AstoriaNew York sale, which went into contract last week, with a Chinese insurancecompany being the buyer. The two US government entities areconcerned about potential security risks, according to the WallStreet Journal.
US officials are reviewing the Oct. 6 purchase of the Waldorf bythe Beijing-based Anbang Insurance Group, which bought the hotelfrom Hilton Worldwide for $1.95 billion. Anbang reportedly islinked to the Chinese communist party, notes the New York DailyNews.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
