Hilton Worldwide has closed the USD1.95 billion sale of the Waldorf Astoria to the Ambang Insurance Group from China and reinvested most of the proceeds in five more US properties – four of them in Florida – a parlay that cost the company USD1.76 billion.
HWW has signed agreements to buy:
- Hilton Orlando Bonnet Creek in Orlando, FL (1,001 rooms)
- Waldorf Astoria Orlando in Orlando, FL (498 rooms)
- The Reach, A Waldorf Astoria Resort in Key West, FL (150 rooms)
- Casa Marina, A Waldorf Astoria Resort in Key West, FL (311 rooms)
- Parc 55 in San Francisco, CA (1,024 rooms)
All these properties except Parc 55 are currently managed by Hilton Worldwide.
“These transactions will enable us to unlock the embedded value of the Waldorf Astoria New York and acquire great institutional quality assets that we expect will drive significant incremental value for the company,” said Christopher J. Nassetta, president and CEO, Hilton Worldwide.
“Our relationship with Anbang will ensure the Waldorf Astoria New York will continue to be a marquee hotel for the Waldorf brand long into the future, and will enable Hilton Worldwide and Anbang to build on the hotels rich legacy and traditions.”
HWW negotiated a 100-year management agreement for the the Waldorf Astoria New York as part of the sales contract. At USD 1.95 billion, Anbang paid the largest ever amount for a US hotel.