One of New York’s — and America’s — iconic hotels has been bought by the Chinese.
The storied Waldorf Astoria’s owner, Hilton Worldwide Holdings, will sell the property to Beijing-based Anbang Insurance Group for $1.95 billion, it was announced Monday.
Hilton will operate the Park Ave. hotel, the linchpin of its portfolio, for the next 100 years.
The 1,232-room landmark will also undergo an extensive renovation to “ensure that the Waldorf Astoria New York represents the brand’s world-class standards for generations to come,” said Christopher Nassetta, president and CEO of Hilton Worldwide.
With the sale, the Waldorf becomes one more famed New York hotel that is owned by foreign investors.