Waldorf Astoria Sold for $1.95 Billion by Hilton to Chinese Firm
Hilton Worldwide Holdings Inc. is selling the historic Waldorf Astoria in Manhattan for $1.95 billion to Anbang Insurance Group Co. of China. It's the steepest ever price for a U.S. hotel $1.4 million per room. Opened since 1931, the 1,413 room hotel covers a whole block on Park Avenue. It's one of the largest luxury hotels in the world. Hilton will continue to uphold a 100-year management contract after the sale closes.
By Jordan Moses
Click here to read more about "Waldorf Astoria Sold for $1.95 Billion by Hilton to Chinese Firm" at The Wall Street Journal News