Anbang Insurance Co. works to renovate Manhattan’s famous Waldorf Astoria

by | Sep 3, 2018 | General News, News

As that project progresses, industry experts predict that the Chinese company may eventually sell other hotels within the United States

Anbang Insurance Group Co. continues its work on renovating the iconic Waldorf Astoria hotel in Manhattan, even as some within the hospitality industry believe that the China-based company will soon be moving to sell some of its other United States hospitality properties.

The insurer began its work with demolition at the Waldorf Astoria in November 2017, and it has now signed a contract with Aecom Tishman related to covering the second phase of this project, according to a recent statement from the company. Ultimately, plans still call for the hotel to reopen its doors in 2021, and when it does it will feature 350 condos, 350 hotel rooms for guests, and a number of architecturally preserved public spaces.

Questions About the Future

Questions, as usual, abound about the future in regards to what will become of the world-famous Waldorf Astoria property.

Anbang’s plans for the property have been a very hot topic of conversation since the company initially paid $1.95 billion, which was at the time a record price paid for a hotel in the United States. The famous Park Avenue, New York City hotel has drawn an increasing number of curiosities and questions, especially as Chinese companies have begun to experience pressure from their country’s government to cease and any all buying tactics with the potential to greatly increase debt, and to instead return their capital.

According to recent news reports, this situation in China has already led to Anbang having conversations about selling its collection of luxury hotels that it initially bought from the Blackstone Group LP as far back as 2016.

The big question on the minds of many in the hospitality space is, of course, whether the same fate awaits the Waldorf Astoria.

Hilton as a Stakeholder

The fate of the Waldorf Astoria effects more companies than just Anbang. In fact, Hilton Worldwide Holdings Inc. has a long-term contract to manage the property, and its leadership has said that the company would consider opening other hotels that bear the Waldorf name within New York City should the renovations to the Park Avenue property end up experiencing further delays.

Although other comments from the company suggest that that is far from the ideal route for them to take.

Of course, only time will tell if Anbang itself can complete the renovations as the rest of the industry is left to speculate about the ultimate fate of one of the most famous hospitality properties on the face of the planet.

Let’s take a look at a few other projects currently underway by Waldorf Astoria Hotels and Resorts:

Waldorf Astoria Crete Sitia Bay

Waldorf Astoria Edinburgh – The Caledonian

Waldorf Astoria Cairo

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