久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
World / US and Canada

The Waldorf's hefty price tag

By Liu Lian (China Daily USA) Updated: 2014-11-14 07:10

The Waldorf's hefty price tag

The Waldorf Astoria is pictured at 301 Park Avenue in New York on Oct 6. Hilton Worldwide Holdings Inc said it would sell its flagship Waldorf Astoria New York hotel to a Chinese insurance company for $1.95 billion, one of the highest prices per room ever paid for a US hotel. Guan Liming for/China Daily

It's the most ever paid for a New York City hotel: $1.95 billion for the Waldorf Astoria. Is the price right? Will it set a new bar for prices paid by Chinese investors? Liu Lian reports from New York

The Waldorf's hefty price tag
Beijing-based Anbang Insurance Group made a big splash last month when it agreed to buy New York City's iconic Waldorf Astoria hotel for $1.95 billion from Hilton Worldwide Holdings Inc, the largest sale ever of a US hotel.

When the Blackstone Group – Hilton's majority shareholder – was approached by potential bidders a few months ago, sources said valuation experts put an estimate of $1.2 to $1.3 billion on the property. The sources declined to be identified by name. Blackstone declined a request for comment.

Did privately held Anbang, China's eighth-largest insurer, overpay for the Waldorf? What does the deal mean for future Chinese investments in the US real estate market? And could the swarm of Chinese real estate deals announced in New York over the last two years experience the same fate that happened to the Japanese real estate binge of the 1980s?

Banks tend to be on the conservative side when it comes to property valuations, said Michael B. Margolis, a partner at Blank Rome law firm and based at its Los Angeles office. "Their interest is more focused on protecting the bank's loan rather than assessing opportunities looking up for an asset," he said.

"In general, foreign investors – no matter who they are – Chinese, Japanese or from South America – are more likely to overpay for property or buy properties that underperform" said Fernando Ferreira, associate professor of real estate at the Wharton School. "Real estate is very local. You really need to know the market block by block. Almost by definition, no local investors have less knowledge or do worse about the local market than foreign buyers."

Anbang also has committed to a major renovation of the hotel, which may ratchet up to $400 million to $500 million, according to sources who asked not to be named. That, would bring the total acquisition tab to approximately $2.5 billion.

"Considering the brand recognition and the quality of the asset, I definitely think the Waldorf is a fair value in terms of what they are paying," said Marisha Clinton, director of research of capital markets at New York- based Jones Lang LaSalle (JLL) Property Consultants. It's a matter of supply and demand, she said.

"Unique opportunity'

"The Waldorf is a unique opportunity, not only because it's a five-star luxury hotel that encompasses an entire city block in Midtown Manhattan, but also because the project involves redeployment and repositioning of the asset," said Daniel Lesser, president and CEO of New York-based LW Hospitality Advisors. "The mere fact that it's a scarce opportunity is going to put upward pressure on value evaluation."

Gabriel R. Hungerford, a senior research analyst at Los Angeles-based CBRE Global Research and Consulting, called the Waldorf "one the most-prized pieces of real estate properties in modern American history."

"It's really one of the most stable investments they can make," he said. "Anbang is mostly likely motivated by diversification and capital preservation rather than purely by returns."

The Wall Street Journal calculated that Anbang is paying about $1.4 million per room. Margolis said Anbang is paying a little bit higher, but not a great deal higher than paid for other first-class properties.

By comparison, in January of this year Starwood Hotels & Resorts Inc sold the 207-room St. Regis Bal Harbour Resort in Miami for $213 million to Qatar-based Al Rayyan Tourism Development Company, making the per room rate approximately $1.03 million.

The Standard Hotel in lower Manhattan's Meatpacking district was purchased in February for more than $400 million by a group of investors, which represented at least $1.2 million a room.

The Plaza Hotel, another trophy in Manhattan, was bought by Indian billionaire Subrata Roy, head of property empire Sahara Group, for $2 million per room in 2012, according to hotel data tracker STR Analytics. The Sultan of Brunei recently acquired the hotel's mortgage, according to a source who asked not to be identified and who declined to give the amount of the mortgage.

To some observers, the Waldorf deal recalled Mitsubishi Company's $2 billion purchase in 1989 of Rockefeller Center, another New York landmark. The building complex was valued at $6 billion when acquired and fell to $1.5 billion when Mitsubishi exited the deal six years later, said Ferreira.

Other acquisitions in the Japanese real estate binge of the 1980s included the Tiffany building, Universal Studios and Columbia Records. All were subsequently sold at great losses.

The fallout from the Japanese meltdown two decades ago warrants caution for Chinese investors, experts said.

"I think most deals we saw before in real estate by Chinese companies were priced at the upper end," said Thilo Hanemann, director of research on cross-border investments for the Rhodium Group, "People have said that they cannot make a lot commercial sense of the evaluations."

"The Chinese and the Japanese period only looked the same on the surface. The Chinese government over the past 20 to 25 years has built up enormous financial strength and enormous financial reserve. And its policy is now to diversify and encourage outbound investment. The Waldorf deal is a good example of how the policy is implemented," said Daniel M Cashdan, head of investment banking at HFF Securities LP.

"The Chinese are not only buying landmark buildings. They are also doing developments, and investing not only in first-tier but second-tier cities," he said, "the Chinese investors are coming to the US with a much broader approach which will make the total results safer."

"The Japanese spree was really hindered by the flowing of the US economy, of the recession in the early 1990s. Their fall was not necessarily as a result of bad investments," said Hungerford.

Previous Page 1 2 3 4 Next Page

Trudeau visits Sina Weibo
May gets little gasp as EU extends deadline for sufficient progress in Brexit talks
Ethiopian FM urges strengthened Ethiopia-China ties
Yemen's ex-president Saleh, relatives killed by Houthis
Most Popular
Hot Topics

...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    91福利社在线观看| 欧美成人国产一区二区| 天堂精品中文字幕在线| 欧美一区二区三区四区久久| 美国十次综合导航| 久久久久九九视频| 91亚洲永久精品| 日韩在线卡一卡二| 国产视频一区在线观看| 一本大道久久a久久综合婷婷| 亚洲成av人片在线观看| 视频精品一区二区| 精品久久久久久久久久久久久久久| 国产毛片精品视频| 亚洲乱码国产乱码精品精小说| 欧美二区乱c少妇| 国产成人午夜精品5599| 亚洲人成精品久久久久久| 欧美一区欧美二区| 国产精品羞羞答答xxdd| 亚洲精品视频一区| 日韩亚洲欧美在线观看| av高清久久久| 美女性感视频久久| 综合分类小说区另类春色亚洲小说欧美 | 国产精品系列在线播放| 亚洲欧美福利一区二区| 日韩一区二区三区免费观看| 国产成人自拍网| 亚洲国产精品一区二区久久恐怖片 | 亚洲人成在线观看一区二区| 欧美一级夜夜爽| 99久久综合国产精品| 日韩高清不卡在线| 最新欧美精品一区二区三区| 欧美一区二区播放| 91免费看视频| 韩国欧美国产1区| 一区二区三区四区在线| 久久久久久久综合| 欧美日韩综合在线免费观看| 国产精品99久久久久久似苏梦涵 | 中文字幕日韩欧美一区二区三区| 欧美日韩大陆一区二区| 成人一区二区在线观看| 青青草国产成人av片免费 | 亚洲欧美经典视频| 26uuuu精品一区二区| 欧美性xxxxx极品少妇| 粉嫩高潮美女一区二区三区| 视频一区欧美日韩| 亚洲精品亚洲人成人网 | 国产精品二区一区二区aⅴ污介绍| 欧美一区二区三区人| 色综合久久久久久久久久久| 国产高清无密码一区二区三区| 亚洲地区一二三色| 国产精品国模大尺度视频| 欧美不卡视频一区| 欧美裸体bbwbbwbbw| 色综合久久天天| 成人午夜激情影院| 黑人巨大精品欧美黑白配亚洲| 亚洲一区二区三区中文字幕在线| 日本一区二区成人在线| 精品国产乱码久久久久久免费 | 色综合夜色一区| 国产 日韩 欧美大片| 久久国产人妖系列| 日韩成人精品视频| 亚洲国产日日夜夜| 亚洲精品欧美激情| 国产精品福利一区二区| 国产午夜亚洲精品不卡| 26uuu亚洲综合色欧美| 欧美一区二区三区视频| 色8久久人人97超碰香蕉987| 国产亚洲va综合人人澡精品| 日韩视频一区二区| 8x福利精品第一导航| 欧美性大战xxxxx久久久| 91看片淫黄大片一级| 99久久久精品| 成a人片国产精品| 国产91在线|亚洲| 国产精品亚洲专一区二区三区| 久草中文综合在线| 免费在线看成人av| 日韩国产成人精品| 日本在线不卡一区| 秋霞成人午夜伦在线观看| 午夜精品123| 婷婷夜色潮精品综合在线| 亚洲国产视频在线| 午夜精品久久久久久久久久久| 亚洲国产美女搞黄色| 亚洲一区二区三区视频在线播放 | 欧美一激情一区二区三区| 欧美精品三级在线观看| 欧美精品一卡二卡| 国产精品卡一卡二卡三| 国产欧美精品一区二区三区四区| 久久久久久久久久久久电影| 久久久精品免费网站| 国产日韩亚洲欧美综合| 久久女同精品一区二区| 久久中文字幕电影| 国产日韩精品一区二区三区在线| 国产清纯白嫩初高生在线观看91| 欧美国产综合一区二区| 成人欧美一区二区三区黑人麻豆 | 天天综合天天做天天综合| 午夜国产精品一区| 毛片不卡一区二区| 国产精品一级黄| 99精品久久99久久久久| 在线观看日韩国产| 777午夜精品免费视频| 精品日韩99亚洲| 欧美极品美女视频| 18欧美亚洲精品| 亚洲综合精品久久| 日韩精品乱码免费| 国产伦精品一区二区三区在线观看| 国产成都精品91一区二区三| 成人av在线影院| 欧美伊人久久久久久久久影院 | 久久精品亚洲精品国产欧美| 中文字幕乱码日本亚洲一区二区| 国产精品精品国产色婷婷| 亚洲制服丝袜在线| 蜜桃av一区二区三区| 国产成人激情av| 色综合久久天天| 欧美一区二区性放荡片| 国产午夜精品在线观看| 亚洲欧美日韩久久| 奇米精品一区二区三区在线观看| 国产成人午夜视频| 91成人网在线| 日韩免费电影一区| 中文字幕巨乱亚洲| 亚洲国产精品一区二区www| 久久99精品一区二区三区三区| 成人爽a毛片一区二区免费| 欧美伊人久久久久久久久影院| 欧美成人国产一区二区| 亚洲天堂免费看| 日本在线不卡一区| www.色综合.com| 91精品国产免费| 国产精品日日摸夜夜摸av| 亚洲与欧洲av电影| 九九**精品视频免费播放| 91丨九色丨蝌蚪丨老版| 欧美成人午夜电影| 亚洲精品网站在线观看| 精品一区二区在线看| 91麻豆免费看| 亚洲精品一区在线观看| 夜夜嗨av一区二区三区四季av| 精品在线一区二区| 91蝌蚪国产九色| 欧美精品一区二区三区蜜臀| 一区二区三区在线观看国产| 精品在线播放免费| 色老综合老女人久久久| 久久先锋影音av鲁色资源网| 一区二区三区 在线观看视频| 国产在线观看免费一区| 欧美视频日韩视频在线观看| 国产日韩v精品一区二区| 亚洲高清一区二区三区| 岛国精品一区二区| 91精品国产综合久久福利软件 | 亚洲欧美在线观看| 精品一区免费av| 欧美日韩你懂的| 国产精品不卡在线| 极品少妇一区二区三区精品视频| 在线亚洲一区观看| 国产精品乱人伦| 黄页网站大全一区二区| 欧美日韩一二三区| 亚洲素人一区二区| 国产乱国产乱300精品| 欧美一区二区在线视频| 一区二区三区四区国产精品| 成人午夜精品在线| 精品国产凹凸成av人网站| 天天爽夜夜爽夜夜爽精品视频| 91麻豆国产自产在线观看| 久久久精品人体av艺术| 蜜臀av性久久久久蜜臀av麻豆| 在线免费观看日本一区| 国产精品久久久久久久久免费相片| 久99久精品视频免费观看| 在线成人高清不卡| 亚洲色图在线播放| 不卡高清视频专区|