A Chinese insurance company is buying the Waldorf Astoria New York hotel from Hilton Worldwide for US $1.95 billion, making it the most expensive hotel ever sold.
Anbang Insurance Group is purchasing the property and has granted Hilton a management agreement to continue to operate it for the next 100 years.
Announcing the deal, Hilton said the hotel will undergo a major renovation to the restore the property to its “historic grandeur”.
"We are very excited to be entering into this long-term relationship with Anbang, which will ensure that the Waldorf Astoria New York represents the brand's world-class standards for generations to come,” said Hilton Worldwide president and CEO Christopher Nassetta.
“This relationship represents a unique opportunity for our organizations to work together to finally maximise the full value of this iconic asset on a full city block in midtown Manhattan.”
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The hotel opened in its current site in Manhattan, New York in 1931 and became the flagship hotel for the luxury Waldorf Astoria brand, which is now present in 27 destinations, including Dubai and Ras Al Khaimah.
Hilton Worldwide has said that it will use the proceeds from the sale to acquire additional hotel assets in the U.S. in one or more transactions, which will be finalised and announced at a later date.
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