New York’s historic Waldorf hotel sold to Chinese insurance company

Global Business

New York’s iconic Waldorf Astoria hotel has been sold to a Chinese insurance company for just under $2 billion making it the most expensive hotel ever sold. CCTV America’s Shraysi Tandon has more on what that means for one of America’s most recognized landmarks.

New York’s iconic Waldorf Astoria hotel is the epitome of luxury. It’s where the famous Waldorf salad was born and where room service was invented. Over the last 83 years, the cultural icon has hosted everyone from presidents, to movie stars, and foreign heads of state. Now, the Waldorf Astoria is being sold by Hilton Worldwide to China’s Anbang Insurance Group in what is the largest transaction ever for a U.S. hotel.

“I think it’s significant in the sense that it represents what’s been happening worldwide. In the sense that you have a tremendous amount of investment in the United States for trophy properties or high-end residential or commercial real estate,” said Jonathan Miller, CEO, Miller Samuel Inc.

The Waldorf sale joins a list of prominent real estate deals made by Chinese buyers in New York. Last year, the billionaire co-founder of Soho China bought a 40 percent stake in Manhattan’s General Motors Building. Fosun International, a Hong kong-listed investment company, bought One Chase Manhattan Plaza from JPMorgan. And Greenland Holdings, a Chinese developer, bought a 70 percent share in the Atlantic Yards project in Brooklyn.

Although the Waldorf Astoria is now owned by a Chinese firm, the Hilton group will continue to operate it for the next 100 years. The two parties have also agreed to give this art deco hotel a facelift in an effort to preserve its historic grandeur.