US reviews sale of NY's Waldorf Astoria hotel to Chinese firm with eye on diplomats' security

Industries Associated Press

Concerned about potential security risks, the U.S. government is taking a close look at the sale of New York's iconic Waldorf Astoria hotel to a Chinese insurance company.

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U.S. officials said Monday they are reviewing the details of last week's $1.95 billion purchase of the Waldorf by the Anbang Insurance Group from Hilton Worldwide. They said it could have implications for the government's long-standing relationship with the hotel, which has been the home of the American ambassador to the United Nations for more than 50 years and hosts the president and hundreds of U.S. diplomats during the annual U.N. General Assembly.

The officials say decisions about the United States' future relationship with the Waldorf will be made based on cost, Anbang's long-term plans and the government's needs and security concerns.