Hilton Worldwide announced an agreement with Beijing-based Anbang Insurance Group under which Anbang agreed to purchase the Waldorf Astoria New York for approximately $2 billion. As part of this long-term strategic partnership Anbang will grant Hilton Worldwide a management agreement to continue to operate the property for the next 100 years, and the hotel will undergo a major renovation to restore the property to its historic grandeur.
The Waldorf Astoria New York is the flagship hotel of Hilton’s rapidly expanding luxury brand, Waldorf Astoria Hotels & Resorts. Since 2007, the brand increased its footprint more than five times to a portfolio of 27 destinations, including Amsterdam, Beijing, Chicago, Dubai, Jerusalem, Ras Al Khaimah, and Shanghai. Its pipeline of nine additional hotels includes key destinations such as Bali, Bangkok, and Beverly Hills.
“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,” says Christopher J. Nassetta, Hilton’s president and CEO. 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.”
The Waldorf Astoria New York was famously labeled “The Greatest of Them All” by Hilton’s founder Conrad Hilton. The property is an Art Deco masterpiece that has been an internationally recognized symbol of elegance and grace for more than a century. 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 function space, a state-of-the-art business center, and intriguing boutiques.
