Advertisement

Hilton Worldwide selling Waldorf Astoria New York to Anbang Insurance for $1.95 billion

WATCH: The famed Waldorf Astoria Hotel is being sold for close to $2 billion. Jericka Duncan is on New York’s Park Avenue to show us the buyer that’s checking in.

MCLEAN, Va. – Hilton Worldwide is selling the Waldorf Astoria New York to Chinese insurance company Anbang Insurance Group Co. for $1.95 billion.

Hilton Worldwide will continue to manage the storied hotel for the next 100 years as part of an agreement with Anbang.

The Waldorf Astoria New York has restaurants including Peacock Alley, Bull and Bear Prime Steakhouse and Oscar’s. The companies
said Monday that the property will undergo a major renovation.

In March 1893, millionaire William Waldorf Astor opened the 13-story Waldorf Hotel. The Astoria Hotel opened four years later.
The Waldorf Astoria New York, on Park Avenue in Manhattan, opened in 1931, according to the company’s website. At the time it was the largest hotel in the world. The hotel became an official New York City landmark in 1993.

Story continues below advertisement

Hilton Worldwide plans to use proceeds from the hotel’s sale to buy additional hotel assets in the U.S.

Hilton Worldwide Holdings Inc. was taken private in 2007 by private equity firm Blackstone Group LP. It returned to public stock
markets in December 2013. The McLean, Virginia, company is the world’s largest hotel group with more than 690,000 rooms across 93
countries and territories.

Aside from Waldorf Astoria Hotels & Resorts, its brands include Hilton Hotels & Resorts, DoubleTree by Hilton and Embassy Suites
Hotels.

Sponsored content