Obama Switches New York Hotels On Chinese Espionage Concerns

Fears of espionage have driven the U.S. government to avoid stays at the Waldorf-Astoria Hotel, according to a report by the Associated Press. White House spokesman Josh Earnest confirmed Friday that President Barack Obama will stay at the New York Palace Hotel when he attends the U.N. General Assembly in a couple of weeks, but Earnest would not discuss why the change was made. The AP report cited unnamed officials as saying the change is due in large part to concerns about Chinese espionage. China's Anbang Insurance Group bought the Waldorf-Astoria from Hilton Worldwide in 2014. The New York Palace is owned by South Korea's Lotte Group.

Copyright © 2015 MarketWatch, Inc.