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:
- Unlimited access to GlobeSt and other free ALM publications
- Access to 15 years of GlobeSt archives
- Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
- 1 free article* every 30 days across the ALM subscription network
- Exclusive discounts on ALM events and publications
*May exclude premium content
Already have an account? Sign In
© 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.
