Hilton Worldwide signed a 100-year contract in 2014 to manage Manhattan's famous Waldorf Astoria hotel, just before China's Anbang Insurance—a holding company without much commercial real estate experience—bought the landmark for $1.95B.
In 2017, Anbang closed the hotel and launched a project to convert much of it to luxury condos—they were going to be sold for $18M each—atop a new hotel that would become the flagship of the new Waldorf Astoria brand for Hilton.
Now, six years later, Hilton is managing nearly 30 Waldorf Astoria-branded hotels around the world, but not the original.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
