Waldorf-Astoria is not for sale

Hilton CEO sets record straight as Anbang sells off assets

TRD New York /
Feb.February 14, 2018 06:00 PM

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.

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


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
660 Madison Avenue (Photo via Jenel Real Estate)

Safra family finally begins 660 Madison’s office-to-resi conversion

Safra family finally begins 660 Madison’s office-to-resi conversion
Adam Neumann and “Billion Dollar Loser” (Getty; Amazon)

In “Billion Dollar Loser,” WeWork’s “epic rise” and Adam Neumann’s quiet enablers

In “Billion Dollar Loser,” WeWork’s “epic rise” and Adam Neumann’s quiet enablers
Airbnb sues LA “party promoter” for throwing “mansion parties”

Airbnb sues LA “party promoter” for throwing “mansion parties”

Airbnb sues LA “party promoter” for throwing “mansion parties”
Broookfield's Bruce Flatt (Brookfield, iStock)

Brookfield looks to sell life-sciences portfolio for $3B

Brookfield looks to sell life-sciences portfolio for $3B
The Northeast is driving gains in building permits and housing starts (iStock)

Northeast drives gains in building permits, housing starts

Northeast drives gains in building permits, housing starts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...