Waldorf Astoria hotel has been sold by Hilton Worldwide to Chinese insurance company Anbang Insurance Group for $1.95 billion.
However, Hilton will continue to operate the New York property “for the next 100 years”, including renovating the property in the coming months.
Shares in Hilton jumped 3% on news of the sale, before later declining.
Hilton said it will use the proceeds from the sale to invest in other hotels and assets in the US.
“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,” said Christopher J. Nassetta, president and chief executive officer of Hilton Worldwide, in a statement.
Conrad Hilton, the eponymous founder of the hotel firm, bought the Waldorf in 1949, 18 years after it opened.
Waldorf-Astoria has been the scene of many films, such as Weekend at the Waldorf, and was briefly the residence of Marilyn Monroe after she left Hollywood.
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