Chinese to buy NYC’s Waldorf Astoria
In what is set to become the biggest real estate purchase by Chinese investors, NYC’s most iconic hotel, Waldorf Astoria, has agreed to be sold for the price of $1.95 billion.
That would be the highest price for a single existing hotel in the country, and the most paid for a standing U.S. building by a Chinese buyer, said Kevin Mallory, global head of the hotels unit of commercial real estate brokerage CBRE Group Inc.
The Waldorf deal follows such high-profile New York acquisitions as Shanghai-based Greenland Holding Group Inc.’s purchase this year of a 70 percent interest in the Atlantic Yards project in Brooklyn. In late 2013, billionaire Guo Guangchang’s Fosun International Ltd. paid $725 million for lower Manhattan’s 1 Chase Manhattan Plaza, the former headquarters of Chase Manhattan Bank.
In the past couple years, the Chinese government has allowed the country’s insurance companies to allocate a portion of their funds into global real estate, Mallory said. With concerns about volatility in the property market at home, New York and and other major markets around the world, including London and Paris, “tend to be safe havens for any global investor,” he said.
The surge in Chinese real estate investment overseas is reminiscent of the Japanese wave of property purchases in the U.S. and other countries in the 1980s, which included New York’s Rockefeller Center and California’s Pebble Beach golf course. Many Japanese buyers were forced to sell when the U.S. fell into recession.
Source Yahoo.com
The Chinese to buy The Waldorf Astoria! In what is set to become the biggest real estate purchase by Chinese investors, NYC’s most iconic hotel, Waldorf Astoria, has agreed to be sold for the price of $1.95 billion.
That would be the highest price for a single existing hotel in the country, and the most paid for a standing U.S. building by a Chinese buyer, said Kevin Mallory, global head of the hotels unit of commercial real estate brokerage CBRE Group Inc.
The surge in Chinese real estate investment overseas is reminiscent of the Japanese wave of property purchases in the U.S. and other countries in the 1980s, which included New York’s Rockefeller Center and California’s Pebble Beach golf course. Many Japanese buyers were forced to sell when the U.S. fell into recession.
This is only the beginning! 🙁 We owe the Chinese more money than we can ever pay back in our lifetime! Not only that but The Obama Administration put us in a hole that we will be lucky to get out of several generations down the line! Learn to speak Mandarin and be well! 🙂
Goodbye Waldorf Astoria NYC!
The Chinese to buy The Waldorf Astoria! In what is set to become the biggest real estate purchase by Chinese investors, NYC’s most iconic hotel, Waldorf Astoria, has agreed to be sold for the price of $1.95 billion.
That would be the highest price for a single existing hotel in the country, and the most paid for a standing U.S. building by a Chinese buyer, said Kevin Mallory, global head of the hotels unit of commercial real estate brokerage CBRE Group Inc.
The surge in Chinese real estate investment overseas is reminiscent of the Japanese wave of property purchases in the U.S. and other countries in the 1980s, which included New York’s Rockefeller Center and California’s Pebble Beach golf course. Many Japanese buyers were forced to sell when the U.S. fell into recession.
This is only the beginning! 🙁 We owe the Chinese more money than we can ever pay back in our lifetime! Not only that but The Obama Administration put us in a hole that we will be lucky to get out of several generations down the line! Learn to speak Mandarin and be well! It broke my heart when the Plaza Hotel changed hands. We have a Family Christmas Tradition of renting a limousine and hitting all of the hotspots of Manhattan on Christmas Eve, including the infamous Plaza Hotel! I have a lot of great memories of that former Hotel! 🙂
Goodbye Waldorf Astoria!
Maybe they will rename it Lee Ho Fook ala a famous song???
We always remember our favourite break up locations. Oh….that wasn’t the point? I get it now.
The Waldorf Astoria will more than likely remain The Waldorf Astoria. However, there will be some changes for sure! Probably more Chinese and or Pan/Asian Cuisine and Chinese Art Work will probably adorn the Hotel.
The Waldorf Astoria is another Hotel where I have many great memories. The parties at that Hotel were great fun and the food was quite good as well. My favorite Sushi Restaurant was also in that Hotel. I went to the Marco Polo Club with my Fiance back in the early 90’s! Great fun! 🙂
Goodbye To You
The Waldorf Astoria will more than likely remain The Waldorf Astoria. However, there will be some changes for sure! Probably more Chinese and or Pan/Asian Cuisine and Chinese Art Work will probably adorn the Hotel.
The Waldorf Astoria is another Hotel where I have many great memories. The parties at that Hotel were great fun and the food was quite good as well. My favorite Sushi Restaurant was also in that Hotel. I went to the Marco Polo Club with my Fiance back in the early 90’s! Great fun! 🙂
Goodbye Waldorf Astoria New York New York