Hilton selling Waldorf Astoria New York for $1.95B

Hilton Worldwide is selling the Waldorf Astoria New York to Chinese insurance company Anbang Insurance Group Co. for $1.95 billion. Hilton will continue to manage the storied hotel for the next 100 years as part of an agreement with Anbang.
In March 1893, millionaire William Waldorf Astor opened the 13-story Waldorf Hotel. The Astoria Hotel opened four years later. The Waldorf Astoria New York, on Park Avenue, opened in 1931, according to the company’s website. At the time it was the largest hotel in the world. The hotel became an official New York City landmark in 1993.
Hilton Worldwide plans to use proceeds from the hotel’s sale to buy additional hotel assets in the U.S.
Hilton Worldwide Holdings Inc. was taken private in 2007 by private equity firm Blackstone Group LP. The hotel chain returned to public stock markets in December 2013.