Travel News

The $1.95 Billion Hotel

amex hilton diamond card
Written by Charlie

Advertiser Disclosure

The iconic Waldorf-Astoria in Manhattan has been sold by Hilton to a Chinese insurance company for $1.95 billion. That is a huge price, but the new owner, Anbang Insurance Group, is not done spending. They are planning a renovation of the hotel as well.

Waldorf Astoria

The classic Waldorf Astoria in New York

The good part about the sale, for those interested in staying on miles and points, is that Hilton will continue to manage it. As of right now, there has not been any announcement of a termination of Hilton HHonors participation, so it will continue to be available for award bookings. It is not a cheap booking, however. It will require 70,000 or 80,000 points a night.

For day to day operation, no one should really notice anything different. The management of Hilton, on a contract that is to last 100 years, will keep it running and the new owners will do the renovation work. The interesting part is the amount of money paid. That makes for one expensive hotel! It works out to be a cost of $1.3 million per key. If that is too expensive and you have always wanted to own a hotel, there is this one at a much more manageable price of $15,000 per key. 🙂 Anyways, I hope Hilton buys some nice new properties with all of this money.

HT: NY Times

Editorial Note - Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

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About the author

Charlie

Charlie has been an avid traveler and runner for many years. He has run in marathons around the world for less than it would cost to travel to the next town - all as a result of collecting and using miles and points. Over the years, he has flown hundreds of thousands of miles and collected millions of miles and points.
Now he uses this experience and knowledge to help others through Running with Miles.

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