The Chinese Owners of the Iconic Waldorf Astoria in New York City, are Ppreparing to Put the Luxury Hotel up for Sale, months after it Reopened, following a Multibillion-Dollar Overhaul.
The Park Avenue Landmark, Re-Opened 8/15/2025, after an 8-year Renovation, from a 1,400-room Hotel to 375 Hotel Guest Rooms and 372 Residences. The Transformation was Five years Behind Schedule and more than $1 billion Over the Initial Budget.
The Hotel was the Setting for the Film "Weekend at the Waldorf", starring Ginger Rogers, and its $1,000-a-Week Suite 2728, was Home to Marilyn Monroe in 1955, after She Left Hollywood.
Waldorf's Restaurants, Shops, and other Amenities would be included in a Sale, but the Condos would continue to be Sold Separately.
Hilton Worldwide, which has a 100-year Management Contract for the Hotel, Sold the Property in 2014, to Anbang Insurance Group, a Re-Iinsurance Firm based in China, for $1.95 billion, making it One of the most Expensive Hotel Dales ever.
The Group spent an Additional $2 billion on Construction, bringing the Total to more than $4 billion.
The Chinese State-Run Dajia Insurance Group, was later Appointed to Manage Anbang's Assets after its CEO, Wu Xiaohui, was Prosecuted for Economic Crimes.
The seller doesn't expect to get All its Costs Back on a Sale, however, with an Expected Billion-Dollar Plus Price Tag, only a Amall Cadre of Potential Buyers would be able to Afford the Flagship Property for Hilton's Waldorf Luxury Brand.
Hilton said it does Not Own the Hotel but Manages the Property, and Directed Questions about the Sale to the Hotel's Owner, Strategic Hotels & Resorts.
NYC Wins When Everyone Can Vote! Michael H. Drucker
No comments:
Post a Comment