External Article28 February 2014
Hilton May Sell New York’s Waldorf Astoria Hotel, CEO Says
Hilton Worldwide Holdings Inc. (HLT:US), the world’s largest publicly traded hotel operator, is considering selling a stake in the Waldorf Astoria in Manhattan or the entire hotel, Chief Executive Officer Christopher Nassetta said.
“We may look to reposition the hotel,” Nassetta said in a telephone interview after the McLean, Virginia-based company reported fourth-quarter earnings. “We are still deciding on how we may reposition it and who we may reposition it with. Part of this would require capital, so we would look at the option of selling all or a stake in the hotel.”
Hilton is considering residential, office and retail uses for the Park Avenue property, Nassetta said. The 1,232-room hotel is so large that it has hurt Hilton’s ability to charge luxury-level rates, said Nikhil Bhalla, an analyst at FBR & Co. in Arlington, Virginia. Rooms at the 82-year-old hotel start at $279 for the week of March 3, according to the its website.
Read the full article at businessweek.com