Chinese Investors Buy Waldorf Astoria for $1.95B
Danielle Schlanger Oct. 6, 2014, 5:24 p.m.
The Waldorf Astoria New York, the ritzy city landmark, is being sold by Hilton Worldwide to Anbang Insurance Group, a Chinese insurance company, for $1.95 billion.
According to CNBC, the sale of the Waldorf marks the most expensive hotel transaction ever completed in the U.S.
The prized property, located at 301 Park Avenue between East 49th and East 50th Streets on Park Avenue, is the flagship hotel for the Waldorf Astoria Hotels & Resorts brand. There are Waldorf Astoria hotels worldwide, including in Berlin, Jerusalem and Beijing.
An agreement reached between the parties ensures that Hilton Worldwide will continue operating the property for the next 100 years.
According to analysis from real estate investment firm CBRE, there has been a marked increase in Asian investment this year. The firm reported that Asian investment in New York’s commercial real estate market has already exceeded investments made by the demographic for all of 2013; moreover, Asian investment in U.S. hotels has also surpassed all investments made in the previous year.