Sixty-five years ago Conrad N. Hilton acquired one of Manhattan's most luxurious hotels, The Waldorf Astoria. Today, Hilton Worldwide Holdings Inc. announced its recent sale to Anbang Insurance Group.
The China-based company bought the iconic hotel for $1.95 billion, making this transaction "the most expensive single hotel ever sold in the United States," according to Daniel Lesser, CEO of LW Hospitality Advisors.
The Waldorf Astoria was opened in 1893 by millionaire William Waldorf Astor, at 32nd Street and Fifth Avenue, where it stood for a few decades before the hotel had to be bulldozed in order to build the Empire State Building in 1929. In 1931, the hotel was rebuilt on Park Avenue where the property still stands today and has been managed by Hilton worldwide since 1972. According to CNN, "Hilton will continue to operate the Waldorf for the next 100 years under a 'strategic partnership' with the Beijing-based company."
Future plans are in circulation, and the proceeds from the Anbang sale will apparently fund new international hotel projects. "Hilton plans to open nine more swanky hotels globally in locations that range from Bali to Bangkok to Beverly Hills," CNN stated.
