New York's iconic Waldorf Astoria Hotel has been bought by the Chinese.
The hotel's current owner, Hilton Worldwide Holdings, will sell the property to a Beijing-based insurance giant for $1.95 billion, it announced Monday.
Under the terms of the deal, Hilton will continue to operate the Park Ave. hotel, which is the linchpin of its portfolio, for the next 100 years. The 1,232-room lodge will also undergo an extensive renovation to restore it to its historic grandeur.
'(This relationship) will ensure that the Waldorf Astoria New York represents the brand's world-class standards for generations to come,' said Christopher Nassetta, president and CEO of Hilton Worldwide.
Hotelier Conrad Hilton bought the Waldorf in 1972 after a heyday that included guests such as Cole Porter, Grace Kelly, Frank Sinatra and virtually every president.
The hotel also helped raise Conrad Hilton's granddaughter, Paris.
The buyer, Anbang Insurance Group, is a leading insurance company in the Asian superpower with more than $100 billion in assets, according to a statement from Hilton.
The deal comes as Chinese investors have been gobbling up New York City real estate, most notably Greenland Holdings Group's purchase of a 70% stake in the enormous Atlantic Yards project near Downtown Brooklyn.
The Art Deco hotel has several restaurants, including the Bull and Bear Prime Steakhouse and Oscar's, a spa, a business center and retail space. It even has its own abandoned underground railway platform, which was used by President Franklin D. Roosevelt, who wanted to enter the hotel without fanfare to hide the ravages of polio.
The Waldorf has been the hotel of choice for sitting presidents since Herbert Hoover and even houses mementos from some in its $10,000-a-night presidential suite, including a round gold mirror left behind by President Ronald Reagan and a wooden desk with carved eagle claw feet donated by President Dwight Eisenhower.
Posted by Unknown on Monday, October 6, 2014 - Rating: 4.5
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