Citing security concerns, the U.S. government is scrutinizing the sale of New York’s Waldorf Astoria hotel to a Chinese insurance company, the Associated Press reports.
U.S. officials said Monday they are reviewing the Oct. 6 purchase of the Waldorf by the Beijing-based Anbang Insurance Group, which bought the hotel from Hilton Worldwide for $1.95 billion. Terms of the sale allow Hilton to run the hotel for the next 100 years and call for "a major renovation" that officials say has raised eyebrows in Washington, where fears of Chinese eavesdropping and cyber espionage run high.
The officials also said the sale could have implications for the government's longstanding relationship with the hotel, which serves as home to the American ambassador to the United Nations and hosts the president and hundreds of U.S. diplomats during the annual U.N. General Assembly. […]
Ending the government's relationship with the Waldorf could be problematic and expensive, according to officials who note that numerous studies conducted during both Republican and Democratic administrations have concluded that it is cost effective and convenient.