China’s Andang Insurance Group Co Ltd is buying New York’s most glamorous hotels, the Waldorf Astoria in midtown Manhattan for $1.95 billion from a subsidiary of Hilton Worldwide Holdings Inc. Anbang will pay Hilton a $100 million deposit, and is expected to pay off the hotel’s $525 million mortgage as part of the deal. Hilton will continue to manage the hotel for the next 100 years.
Closing is scheduled for New Year’s Eve, though it could take until 31 March 2015 to finalize the sale. Andang is a Beijing-based life, health and property insurance company with 20 million customers and 30,000 employees.
The 60,000 square foot hotel was opened in 1931, in its second location. The hotel was first was built before the turn of the century on what is now the site of the Empire State building. The Waldorf was famously called “the greatest of them all” by Conrad Hilton, founder of the Hilton hotel company.
Hilton purchased the Waldorf in 1949. In December, Hilton raised $2.35 billion in the largest ever initial public offering by a hotel company. The majority of Hilton is now owned by Blackstone Group LP, a private equity firm. Hilton plans to use cash from the Waldorf’s sale to buy more hotels across the US, according to a report.
Closing is scheduled for New Year’s Eve, though it could take until 31 March 2015 to finalize the sale. Andang is a Beijing-based life, health and property insurance company with 20 million customers and 30,000 employees.
The 60,000 square foot hotel was opened in 1931, in its second location. The hotel was first was built before the turn of the century on what is now the site of the Empire State building. The Waldorf was famously called “the greatest of them all” by Conrad Hilton, founder of the Hilton hotel company.
Hilton purchased the Waldorf in 1949. In December, Hilton raised $2.35 billion in the largest ever initial public offering by a hotel company. The majority of Hilton is now owned by Blackstone Group LP, a private equity firm. Hilton plans to use cash from the Waldorf’s sale to buy more hotels across the US, according to a report.
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