Hilton CEO: Waldorf Astoria NY Is Not For Sale

NEW YORK—Despite reports to the contrary, the Waldorf Astoria here is not for sale, according to Chris Nassetta, president/CEO of Hilton Worldwide Holdings Inc.

A report from Bloomberg on Tuesday said that the Blackstone Group LP was possibly interested in re-acquiring the property it sold to Anbang Insurance Group Co. Ltd. for $1.95 billion four years ago. Hilton manages the property.

“…My understanding from Anbang, notwithstanding them trying to sell a bunch of different assets around the world … at the moment, the Waldorf is not one of those…” he said in an earnings call.

Nassetta did say that if the property is sold, they will retain management of it. “We are in a very well protected position there for the record in the sense of the agreements that we have with whoever, if it’s Anbang, that’ll be with them. If it ends up with somebody else, we have very strong agreements that will run with the property.”

In the call, he also said that heavy demolition is continuing on the property. In November 2017, Anbang revealed plans to renovate the hotel, including a restoration of public and event spaces, approximately 350 new guestrooms and suites, and 350 residences.