The Waldorf-Astoria was unofficially known as New York’s regal palace shortly after its opening in 1931, becoming home to many of the city’s important social functions and visiting dignitaries from countries whose flags fluttered from the parapets.
Eighty-three years later, the Waldorf-Astoria retains its cachet with the pending sale of the landmark hotel to a Chinese insurance company for $1.95 billion, among the highest prices ever paid for a hotel. antique crystal knobs
The buyer, Anbang Insurance Group, plans a renovation of the hotel on Park Avenue, to restore the 47-story tower to its Art Deco grandeur.
The hotel’s rare marble, gold doorknobs, lavish rooms, artwork, furniture and chandeliers with a cascade of silver and crystal pendants prompted President Herbert Hoover to describe the opening of the Waldorf-Astoria as “an event in the advancement of hotels, even in New York City.”
The seller, Hilton Worldwide Holdings, which owns, controls or franchises more than 4,200 hotels and time-share properties, will continue to operate the 1,413-room hotel under a 100-year management contract with Anbang.
“The Chinese have money to spend and the inclination to do so,” said Sean Hennessey, chief executive of Lodging Advisors, a consulting company that was not involved in the deal. “The property will continue to be an iconic hotel even if it’s owned by a foreign entity.”
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