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by Matt Alderton | October 08, 2014
Hilton Worldwide has agreed to sell one of its most famous landmark properties, the Waldorf Astoria New York, to Chinese insurance company Anbang Insurance Group for $1.95 billion, it announced yesterday.

The sale does not mean Hilton is walking away from the hotel: Although Anbang will own it, Hilton will continue to operate the property for the next 100 years, and will soon commence a major renovation to restore it in partnership with Anbang.

"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," Hilton Worldwide President and CEO Christopher J. Nassetta said in a statement. "This relationship represents a unique opportunity for our organizations to work together to finally maximize the full value of this iconic asset on a full city block in midtown Manhattan."

Hilton will use proceeds from the sale to acquire additional hotel assets in the United States.