Waldorf Astoria sold to Chinese insurance firm for $1.95 billion
October 7 , 2014
The Waldorf Astoria, a New York landmark, has been sold to a Chinese insurance firm for $1.95 billion.
The luxury hotel was acquired by Conrad N. Hilton more than six decades ago. Hilton Worldwide said it is being sold to the Beijing-based Anbang Insurance Group.
According to the “strategic partnership” with the Chinese firm, Hilton will continue to operate the hotel for the next 100 years.
The hotel will see “major renovation”, a joint statement from the two companies said.