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New York

Hilton may sell Manhattan’s Waldorf Astoria Hotel

Company is also considering selling a stake in the iconic location

301 Park Avenue
301 Park Avenue

Waldorf Astoria owner Hilton Worldwide Holdings is mulling the sale of a stake in the famous property, or possibly the entire hotel.

The vast size of the 1,232-room hotel, one of the largest in New York City, has hurt Hilton’s ability to charge top-tier rates, Hilton CEO Christopher Nassetta said, following the company’s recent fourth-quarter earnings announcement. At present, rooms start at $279 for the first week of March, according to the hotel’s website.

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“We may look to reposition the hotel,” Nassetta said. “We are still deciding on how we may reposition it and who we may reposition it with. Part of this would require capital, so we would look at the option of selling all or a stake in the hotel.”

Nassetta said that the company would likely opt to sell real estate in a portfolio transaction rather than in single-property deals. [Crain’s] — Julie Strickland

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HiltonWaldorf Astoria