Hilton sells landmark New York hotel
Hilton Worldwide has sold its flagship Waldorf Astoria hotel in New York to Chinese firm Anbang Insurance Group for £1.22 billion.
Under the deal, Hilton will continue to operate the property for the next 100 years.
The hotel, part of its luxury brand, will undergo a major renovation to ‘restore it to its historic grandeur’.
The group said it would use the proceeds from the sale to buy other hotel assets in the US.
Since 2007, the Waldorf Astoria brand has increased its footprint more than five times to a portfolio of 27 destinations, including Amsterdam, Beijing, Chicago, Dubai, Jerusalem, Ras Al Khaimah and Shanghai.
Nine additional hotels are in the pipeline, including Bali, Bangkok and Beverly Hills.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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