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October 6, 2014

Hilton signs deal to sell Waldorf Astoria New York for $1.95bn

Hilton Worldwide Holdings has entered an agreement with Anbang Insurance Group, with Anbang agreeing to purchase the Waldorf Astoria New York for $1.95bn, making it the world's most expensive hotel ever sold.

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Hilton Worldwide Holdings has entered an agreement with Anbang Insurance Group, with Anbang agreeing to purchase the Waldorf Astoria New York for $1.95bn, making it the world’s most expensive hotel ever sold.

The Waldorf Astoria New York is a luxury hotel located at 301 Park Avenue in Manhattan, and is the flagship hotel of Hilton Worldwide’s rapidly-expanding luxury brand, Waldorf Astoria Hotels & Resorts.

The Waldorf opened in 1931 and is a 47-storey Art Deco landmark designed by architects Schultze and Weaver.

It has 1,413 rooms and cosmopolitan restaurants (including Peacock Alley, Bull and Bear Prime Steakhouse and Oscar’s), bustling lounges and bars, the Guerlain Spa, more than 60,000ft² of high-tech equipped function space, a business centre and boutiques.

Hilton Worldwide said that Anbang will grant it a management agreement to continue to operate the property for the next 100 years. The hotel will also undergo a major renovation to restore the property to its historic grandeur.

The hospitality group 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 Code Section 1031.

These acquisitions will be finalised and announced at a later date.

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

"This relationship represents a unique opportunity for our organisations to work together to finally maximise the full value of this iconic asset on a full city block in midtown Manhattan."


Image: Waldorf-Astoria Hotel in New York. Photo: courtesy of Blofeld Dr.

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