by Mia Taylor
Last updated: 7:30 AM ET, Fri February 16, 2018
There are rumors, and then there's reality.
And the reality is New York City's historic Waldorf Astoria hotel is not for sale. For now.
The Chinese insurance company is rumored to be selling assets worldwide. But for the time being, the Waldorf Astoria is not up for grabs, Hilton's chief executive officer said during a Wednesday earnings call according to Bloomberg.
Instead, the company is moving forward with its previously announced plans to convert hotel rooms into luxury condos, Christopher Nassetta said.
Talk of the iconic Waldorf Astoria being sold comes as the Chinese government cracks down on companies that have made lavish investments recently, Bloomberg reported.
Anbang purchased the Waldorf three years ago for a staggering $1.95 billion. The acquisition was part of a global shopping bonanza during which the Chinese company made similar high-profile purchases worth billions.
Though China reportedly asked Anbang to sell some of its overseas properties, Anbang denied this is true.
Meanwhile, HNA Group, another large Chinese company, is selling a portfolio of U.S. properties worth about $4 billion.
The Waldorf Astoria New York is currently closed while undergoing a massive renovation and restoration. It's slated to reopen in two to three years. When complete, the property will feature restored public and event spaces along with luxury condominiums, guest rooms, and suites.
The extensive renovation will also include implementation of new technologies that should help the hotel compete against more modern properties, as TravelPulse's Patrick Clarke previously reported.
The Park Avenue hotel dates back to 1931 and is an Art Deco landmark designed by architects Schultze and Weaver.
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
Topics From This Article to Explore
