Overview
- Dajia Insurance Group, which took over the asset after Anbang’s collapse, is reported to be readying the Park Avenue hotel for sale months after its reopening.
- The eight-year renovation cut the property to 375 hotel rooms and added 372 condominiums after significant delays and construction spending of roughly $2 billion.
- A sale would encompass the hotel’s operations, restaurants, shops and amenities, while the newly created condominium units would remain separate.
- Hilton will continue to manage the property under its long-term 100-year agreement, so day-to-day operations are not expected to change with a sale.
- Total outlays including the 2014 acquisition exceeded $4 billion, and the seller is not expecting to recover all costs, which narrows likely bidders to deep-pocketed institutional investors.