The Waldorf Astoria New York is a luxury hotel in the Big Apple. The flagship hotel of Hilton Worldwide’s rapidly-expanding luxury brand, Waldorf Astoria Hotels & Resorts, has been sold for a record breaking $1.95 billion. This transaction has been crowned as the most expensive single hotel ever sold in the U.S., as stated by Daniel Lesser, CEO of LW Hospitality Advisors.
The iconic hotel’s new owner is China-based Anbang Insurance Group Co. Ltd. How will Hilton benefit from the deal? Hilton Worldwide intends to use the proceeds from the sale to acquire additional hotel assets in the U.S. Additionally in this long-term strategic partnership, Anbang will grant Hilton Worldwide a management agreement to continue to operate the property for the next 100 years. Waldorf Astoria New York will also undergo a major renovation to restore its historic grandeur.
A hotel which first invented the concept of 24-hour Room Service, is now valued at about $1.4 million per room key. Housed in two historic landmark buildings, the Art Deco masterpiece Waldorf Astoria New York is located on Park Avenue in Midtown Manhattan. Called “The Greatest of the Them All” by Hilton Worldwide’s founder Conrad Hilton, the hotel features cosmopolitan restaurants (including Peacock Alley, Bull and Bear Prime Steakhouse and Oscar’s), bustling lounges and bars, the Guerlain Spa, more than 60,000 square feet of high-tech equipped function space, a state-of-the-art business center and intriguing boutiques.
President and chief executive officer of Hilton Worldwide Christopher J. Nassetta stated, “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 organizations to work together to finally maximize the full value of this iconic asset on a full city block in midtown Manhattan.”