Chinese insurance giant buys Waldorf Astoria hotel from Hilton Worldwide

Posted On Tuesday, 07 October 2014 09:50 Published by
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Chinese insurance company, Anbang Insurance Group, buys Hilton's New York luxury flagship hotel the Waldorf Astoria for USD1.95bn.

Waldrof Astoria New York

Anbang Insurance Group has agreed "to restore the property to its historic grandeur" and will allow Hilton to manage the property for the next 100 years, Hilton Worldwide Holdings said. The Waldorf Astoria New York is an Art Deco hotel occupying a full city block in midtown Manhattan that has been in business for more than a century. Conrad Hilton, Hilton Worldwide's founder, called it "the greatest of them all."

"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," said Christopher Nassetta, president and chief executive of Hilton Worldwide, in a statement.

Anbang is based in Beijing and has more than 30,000 employees. The hotel is the foundation of Hilton's luxury brand Waldorf Astoria Hotels & Resorts, which spans 27 destinations, including Beijing, Shanghai, Amsterdam and Dubai. Nine additional Waldorf Astoria hotels are planned, with destinations such as Bali, Bangkok and Beverly Hills, the company said.

Hilton Worldwide said it would use the sale proceeds to buy additional hotel assets in the United States. The company did not provide details of its acquisition strategy. Hilton has a portfolio of 11 global brands, with operations in 93 countries. Hilton shares were up 0.4 percent at $24.42 in early trade in New York

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