Foreign Media: Ambang plans to sell residential units at Waldorf Hotel in New York

category:Finance
 Foreign Media: Ambang plans to sell residential units at Waldorf Hotel in New York


However, this is not the first time in the market that Anbang Insurance intends to sell the Waldorf Hotel in New York. As early as August 2017, there was market news that Anbang Group will sell more than $10 billion in overseas acquisition assets, including the Waldorf Hotel.

In October 2014, Ambang Insurance Group paid $1.95 billion to take down the Waldorf Hotel Building on 49-50 Street, Harton Park Avenue, New York, from Hilton Global Hotels Holdings. Anbang immediately announced that it would renovate the Waldorf Hotel in an all-round way, and disclosed that after reopening, some hotel rooms might be converted into apartment houses for sale.

The Financial Times calculated in 2014 that Anderson would have to pay $8,875 a day for a presidential suite for 10 consecutive years if Waldorf had to keep the room full, based on the net profit margin (4.26%) shown in Hilton Groups 2013 financial statements. But if all Waldorf were converted into apartments for sale, it would earn up to $4 billion.