Waldorf Astoria Hotel Purchased by Anbang Insurance Group Co. Ltd.

Robert Jones

In Manhattan, there are few hotels that are better known than the glamorous Waldorf Astoria. In fact, few hotels in all of New York are better known. Hilton Worldwide Holdings Inc. announced on Monday, Oct. 6, that the hotel has been purchased by the Chinese insurance group, Anbang Insurance Group Co. Ltd.

A deal was made to purchase the hotel for $1.95 billion. To start with, the company will make a $100 million deposit on the building. From there, it plans to pay the rest under a $525 million mortgage deal. Hilton is going to continue to run the hotel over the next century.

Christopher J Nassetta, the CEO of Hilton Worldwide Holdings Inc., said that the company is extremely excited to be enlisting in this long-term partnership with Anbang Insurance Group Co. Ltd. This will guarantee that the Waldorf Astoria hotel continues to be one of the best in all of New York for future generations.

Anbang Insurance Group Co. Ltd. has already made it clear that it plans to renovate the building. However, instead of changing it, it wants to restore its historic grandeur. The hotel, after all, was first opened in 1931. When the 60,000-square-foot hotel was built, it was the largest in the world. It sat on the spot that is now the Empire State Building before being moved to its current location. In 1993, the Art Deco building was awarded protection status.

 

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