Hilton to Sell Waldorf Astoria New York to Chinese Insurance Company

By Paul Riegler on 6 October 2014
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A room at the Waldorf Towers in New York

A room at the Waldorf Towers in New York

Hilton Worldwide announced it plans to sell the storied Waldorf Astoria New York to Anbang Insurance Group, a Chinese insurer, but will continue operate the hotel under a 100-year management agreement with the buyer.

Anbang is purchasing the hotel for $1.95 billion.

The Waldorf Astoria New York is the flagship of Hilton’s Waldorf Astoria Hotels & Resorts brand.  Hilton has opened 27 Waldorf-branded properties in such locations as Beijing, Chicago, Jerusalem, and Shanghai.

The Waldorf Astoria New York will undergo a major renovation that Hilton says will “restore the property to its historic grandeur.”

The hotel is well known for its restaurants, which include Peacock Alley, the Bull and Bear Prime Steakhouse, and Oscar’s) as well as its elegant Art Deco design.

(Photo: Accura Media Group)

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