NEW YORK—Hilton Worldwide has entered into an agreement to sell the Waldorf Astoria New York for $1.95 billion to Anbang Insurance Group Co.
As part of a long-term strategic partnership, Anbang will grant Hilton Worldwide a management agreement to continue to operate the property for the next 100 years, and the hotel will undergo a major renovation to restore the property. The Waldorf-Astoria New York is the flagship hotel of the Waldorf-Astoria Hotels & Resorts brand, which now includes 27 properties.
“We are very excited to be entering into this long-term relationship with Anbang, which will ensure that the Waldorf Astoria New York represent’s the brand’s world-class standards for generations to come. 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,” stated Christopher Nassetta, president and CEO, Hilton Worldwide.