News | November 26, 2007

$1.4 billion real estate trade includes Waldorf-Astoria

News | November 26, 2007

By Haute Living

The Shareholders of Hilton Hotels Corporation and BH Hotels LLC have agreed on a nearly-$1.4 billion real estate trade that includes the world-famous Waldorf-Astoria Hotel, located at 301 Park Avenue.

Blackstone Group, which bought out Hilton in October for $26 billion, nets the $572,343,007 hotel as part of the purchase. The 1,245-room hotel has been open at its current site since 1931, and was originally opened by William Waldorf Astor in 1893 at Fifth Avenue and 33rd Street.

As part of the deal, the Hilton New York, located at 1335 Avenue of the Americas, also was sold to BH Hotels. The selling price was greater than that of the Waldorf-Astoria Hotel, topping out at $757,804,148. Two additional lots, on the 102 through 108 blocks of West 57th Street, were sold at a total price of $68,989,066. The lots were originally purchased by Hilton in 2006 for $63 million combined.

Hilton announced plans in 2006 to build a Hilton Grand Vacations Club on part of the site.

Via The Real Deal