Chinese Government takes Control of Waldorf Astoria
Last week we speculated on the potential repurchase of the Waldorf Astoria by Blackstone, who was rumored to be in the initial talks with Anbang, the recent owner of the famed hotel.
As it turns out, Blackstone will have to wait for an opportunity to even make a bid on the Waldorf as the People's Republic of China has decided to take full control of Anbang assets. These assets include the JW Marriott Essex House, the Four Seasons in Washington D.C., and of course, the Waldorf Astoria Hotel.
In our previous article, we indicated the Chinese Government wanted to facilitate the sale of these assets. It seems that the Chinese Government wanted to play a bigger hand than originally anticipated. A press release on Friday announced the acquisition. The plan still seems to be to sell of a large percentage of Anbang American assets.
We'll have to wait and see if the Waldorf is on the chopping block once again.