Hilton to Sell Waldorf=Astoria Hotel Property in New York to Chinese Company
H ilton Worldwide Holdings Incorporated is selling the historic Waldorf=Astoria hotel property in New York to Anbang Insurance Group Company of China for $1.95 billion — or approximately $1.4 million per room…
…but before you rush to redeem your Hilton HHonors frequent guest loyalty program points to stay at the iconic flagship hotel of Hilton Worldwide — the hotel property which Conrad Hilton reportedly acquired in 1949 for $3 million — be assured that Hilton Worldwide will continue to operate the Waldorf=Astoria hotel property under a management contract for a duration of 100 years which begins upon the closing of the sale, which is expected sometime around the end of the year.
The proceeds of the sale will supposedly be used by Hilton Worldwide Holdings Incorporated to acquire other properties, in large part to avoid a hefty tax bill on this transaction, according to this article written by Craig Karmin of The Wall Street Journal.
Anbang Insurance Group Company plans a renovation to restore the 47-story tower to its Art Deco grandeur, according to this article written by Charles V. Bagli of The New York Times. The restoration could include the rare marble, gold doorknobs, lavish rooms, artwork, furniture and chandeliers with a cascade of silver and crystal pendants.
The article also includes a brief history of the Waldorf=Astoria hotel property — including the fact that this is not the original hotel property, which was located where the Empire State Building is currently located.
I would not be surprised to see the rate of the redemption of Hilton HHonors frequent guest loyalty program points increased as a result of the sale and renovations. Hopefully that will not happen.