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New York

Waldorf-Astoria is not for sale

Hilton CEO sets record straight as Anbang sells off assets

Park Avenue entrance to the Waldorf Astoria. (Credit: Hennem08)
Park Avenue entrance to the Waldorf Astoria. (Credit: Hennem08)

The Waldorf Astoria isn’t for sale.

That’s according to the CEO of Hilton Worldwide Holdings, which manages the iconic New York City hotel on behalf of Anbang Insurance Group.

Despite reports that the Chinese firm is selling off assets, “at the moment, the Waldorf is not one of them,” Christopher Nassetta said during an earnings call Wednesday. He said Anbang plans to plow ahead with a luxury condo conversion, and noted that the hotel is currently under “heavy demolition,” according to Bloomberg.

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Anbang paid $1.95 billion for the Waldorf three years ago as part of a massive buying spree. But it has reportedly scaled back its investments under a clampdown by Chinese government officials.

Another major Chinese investor, HNA Group, is currently marketing a $4 billion portfolio of U.S. properties to pay off its mounting debt. (HNA is Hilton’s largest shareholder.) HNA just sold an Upper East Side mansion for $90 million.

[Bloomberg] — E.B. Solomont