New York's iconic Waldorf Astoria hotel will be getting a face-lift and a new owner, its parent company announced Monday.
Hilton Worldwide Holdings Inc. says it is selling the grand hotel to Chinese insurance company Anbang Insurance Group Co., for $1.95 billion.
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Oct. 6, 1:07 p.m.:
An earlier version of this post said there were 25 hotels in the Waldorf Astoria chain in 10 countries/territories.
The hotel is slated to undergo a "major renovation" to restore it to its "historic grandeur," said Hilton Worldwide, which will continue to operate the property under a 100-year management agreement 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," said Hilton Worldwide CEO Christopher J. Nassetta in a statement.
The 1,415-room luxury hotel has been the crown jewel of the company's Waldorf Astoria brand, which has 27 properties worldwide. It opened at its location on Park Avenue in 1931, and was world's tallest and largest hotel at the time.
Hotel mogul Conrad N. Hilton bought the property in 1949.
The company says it plans to use proceeds from the sale to buy more hotel assets in the U.S., but did not say what those acquisitions would be.