Historic Hotel Sells for Historic Price
It’s official: Hilton Worldwide Holdings has sold the famous Waldorf Astoria hotel in New York to Anbang Insurance Group. The China-based company bought the hotel for a staggering $1.95 billion, making it the most expensive hotel ever sold in the United States.
Believe it or not, that’s not that much more than the previous record holder: The Cosmopolitan in Las Vegas. The Cosmopolitan hotel and casino sold to Blackstone for $1.73 billion. To give some further perspective, the Plaza hotel in New York sold for $570 million in 2012.
So, what does $1.95 billion come out to per room? Only $1.4 million, enough to buy a luxury apartment or change your whole life!
A standard room at the Waldorf during the week runs between $500 and $650 per night. Although it’s pricier than staying at four star hotel, that’s not that expensive when you’re considering the $1.4 million per room investment.
The Waldorf Astoria New York features a number of fine restaurants, including the Bull and Bear Steakhouse. The legendary bar at the Bull and Bear is considered one of the best of its kind in the world. The spot is also mere blocks from Fortune 500 companies, just in case you forgot where you were.
The hotel will continue to be managed by Hilton for 100 years, during which Anbang Insurance Group is still majority investor.