[ New York City, New York USA ]
The owner of historic Waldorf Astoria in New York City, may convert much of the hotel into condominiums, perhaps justifying what was considered a considerable price for the asset if operated as a luxury hotel. A plan filed by Anbang Insurance Group Ltd. with NYC’s Department of Finance, calls for 75% of the building to be converted for residential use.
From a Prior 2015 Post:
Anbang Insurance Group Ltd. (Beijing) paid USD $1.95 billion to acquire the Waldorf Astoria in New York.
Hilton Worldwide will continue to operate the Waldorf Astoria under a 100-year management agreement.
The new owner, Anbang, plans a major renovation and reconfiguration of the hotel.
Anbang Insurance is one of China’s smaller insurance groups, significantly behind China Life and Ping An. This acquisition by Anbang follows by approximately two years, changes to China’s regulations affecting outbound investments by insurance companies.