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Waldorf Astoria Sells for $1.95 Billion; Renovation Ahead

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Hilton Worldwide Holdings Inc. has agreed to sell the iconic Waldorf Astoria hotel to the Beijing-based Anbang Insurance Group Co. for a whopping $1.95 billion, Bloomberg reports. Hilton, which has owned the 1,232-room hotel since 1972, signed a 100-year deal to stay on and manage the property. Anbang is reportedly planning a "major renovation," although the specifics have yet to be revealed. Although the hotel was not publicly on the market, Hilton did reveal in February that it was willing to considering selling all or part of it, and pretty much anything is for sale when two billion dollars are involved. The sale price could be good news for, Subrata Roy, the owner of another of New York City's most famous hotels. The Plaza owner has been incarcerated in India for the past six months for alleged financial crimes, and needs to unload his valuable properties, but potential buyers have been balking at his reported asking price of — coincidentally — $2 billion.
· Hilton to Sell NYC's Waldorf Astoria to Chinese Insurer for $1.95 Billion [Bloomberg, via Crain's]
· Waldorf Astoria coverage [Curbed]