Inside the Super-Fast, 100-Year Deal for the WaldorfBy
The $1.95 billion sale of New York’s Waldorf Astoria hotel, announced on Oct. 6, is mostly framed as the 2014 analogue to Japan’s Mitsubishi Estate Co. buying Rockefeller Center—the moment that removes any doubt that China, and Chinese investors, are for real. Yet it’s remarkable for two less noted reasons, too: the incredible speed with which the deal got done, and the way it increases Blackstone Group’s already record-breaking paper profit on its 2007 purchase of Waldorf Astoria owner Hilton Worldwide Holdings.
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