Pressured Dajia Insurance Group likely won\u2019t recoup the
\ntotal investment, but a $1 billion price tag is expected.<\/p>\n
NEW YORK CITY \u2013 The Chinese state-run Dajia Insurance Group is
\npreparing to sell the Waldorf Astoria New York after sinking nearly $4 billion
\ninto the property, including Anbang Insurance Group\u2019s $1.95 billion purchase in
\n2014 and a reported $2 billion lengthy eight-year and overbudget renovation.<\/p>\n
The Wall Street Journal broke the story on Wednesday, citing
\na broader trend of Chinese firms divesting from major U.S. real estate assets
\ndue to policy pressures from Beijing to streamline overseas holdings. Others
\nhave suggested the sale is a result of balance\u2011sheet realities at\u00a0Dajia
\nInsurance Group and market timing. Investment bank\u00a0Eastdil Secured\u00a0is
\nexpected to market the property for what is expected to be in excess of $1
\nbillion.<\/p>\n
Waldorf’s adjoining restaurants, shops and other amenities
\nwould be included in a sale, but the condos would continue to be sold
\nseparately, the Journal reported, citing people with knowledge of the plans.<\/p>\n
The venerable Waldorf, which closed with some 1,400 rooms,
\ntoday has 375 hotel rooms and 372 private residences with Hilton holding a
\n100-year management contract.<\/p>\n
The Waldorf has re-opened to great fanfare over the last few
\nmonths with Hilton using the tagline \u201cThe Greatest of Them All.\u201d<\/p>\n
When Waldorf Astoria New York opened its doors in 1931, the
\nhotel set a record as the highest and largest hotel in the world, emerging as
\nan Art Deco icon and a symbol of New York culture. The hotel encompasses 62,000
\nsquare feet of landmark-protected spaces that required special care during the
\nrestoration, which has been led by Skidmore, Owings & Merrill.<\/p>\n","protected":false},"excerpt":{"rendered":"Pressured Dajia Insurance Group likely won\u2019t recoup the total investment, but a $1 billion price tag is expected.…\n","protected":false},"author":2,"featured_media":131216,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[25689,25685,36439,25687,25688,54471,25680,232,2364,25684,4927,25683,9,11,10,1492,25686,25682],"class_list":["post-131215","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-asset-management","tag-brands","tag-condo-hotels","tag-debt-and-equity","tag-financing","tag-home-top-story","tag-insights","tag-lifestyle","tag-luxury","tag-management","tag-mergers-and-acquisitions","tag-mergers-and-acquistions","tag-new-york","tag-new-york-headlines","tag-new-york-news","tag-north-america","tag-owners","tag-whats-hot-trending"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/131215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=131215"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/131215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/131216"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=131215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=131215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=131215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}