USA-MARKETS CLOSE-WALDORF-ANBANG Wall Street dips in choppy trading - Hilton to sell Waldorf Astoria hotel
Record ID:
565598
USA-MARKETS CLOSE-WALDORF-ANBANG Wall Street dips in choppy trading - Hilton to sell Waldorf Astoria hotel
- Title: USA-MARKETS CLOSE-WALDORF-ANBANG Wall Street dips in choppy trading - Hilton to sell Waldorf Astoria hotel
- Date: 6th October 2014
- Summary: NEW YORK, NEW YORK, UNITED STATES (OCTOBER 6, 2014) (REUTERS) VARIOUS OF WALDORF ASTORIA HOTEL EXTERIORS
- Embargoed: 21st October 2014 13:00
- Keywords:
- Topics: General
- Reuters ID: LVA3PKZZNF30TKLZ6XF4VV79EBWT
- Story Text: U.S. stocks fell in choppy trading on Monday (October 6), with traders nervously eyeing the start of earnings season, while the S&P 500 failed to remain above a key technical level.
With top economic indicators, including payrolls, out of the way, equities had little in the way of catalysts. The recent strength in the U.S. dollar and continued weakness in the European economy cast a shadow over the earnings season that is about to begin.
Micron shares fell 4 percent to $32.57 (USD) after Samsung unveiled plans to spend $14.7 billion on a new semiconductor facility.
Hewlett-Packard posted the S&P 500's largest gains, up 4.7 percent to $36.87 after it said it would split into two listed companies and eliminate another 5,000 jobs.
GT Advanced Technologies, Apple's partner in a sapphire glass plant in Arizona, said it had filed for voluntary bankruptcy protection and its shares tumbled 92.8 percent to 80 cents.
The Dow Jones industrial average <.DJI> fell 17.78 points, or 0.1 percent, to 16,991.91, the S&P 500 <.SPX> lost 3.08 points, or 0.16 percent, to 1,964.82 and the Nasdaq Composite <.IXIC> dropped 20.82 points, or 0.47 percent, to 4,454.80.
Also on Monday, 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 U.S. hotel.
Anbang Insurance Group Co Ltd will pay $1.38 million per room for the Manhattan hotel that was once home to Marilyn Monroe, in a deal that will see Hilton continue to operate the property for the next 100 years.
"The hotel will undergo a major renovation to restore the property to its historic grandeur," Hilton said in a statement.
The Waldorf Astoria is the latest iconic New York property to be bought by a Chinese company, after last year's sale of One Chase Manhattan Plaza to Fosun International Ltd, controlled by billionaire Guo Guangchang.
Beijing-based Anbang manages about 700 billion yuan ($114 billion) worth of assets, according to its website. Based on full occupancy at the Waldorf's lowest room rate of $329, Anbang would recover its investment in about 10 years.
Hilton said it would use the proceeds from the sale to buy more hotels in the United States.
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