Anbang’s plan to convert New York’s Waldorf Astoria hotel into high-end condos continues.
Hilton CEO Christopher Nassetta sought to quash speculation the hotel might be put up for sale and said his company would manage its hotel portion no matter who the owner is.
Anbang plans to convert hotel rooms into high-end condos. Both the representatives of Hilton and the construction firm have issued statements saying work on the conversion was ongoing.
China’s government is clamping down on companies that have made lavish international investments in recent years. Three years ago, Anbang bought the Waldorf from Hilton for $1.95 billion, a record sum for a single U.S. hotel. Last week, the Chinese government took temporary control of Anbang, saying it would consider “all or partial” sales of the company’s asset. While the Chinese insurer is believed to be selling assets around the world, “at the moment, the Waldorf is not one of those,” Christopher Nassetta said.
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