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Hilton sells Waldorf Astoria New York

The Waldorf Astoria, situated on New York City’s Park Avenue, has been sold to Chinese insurance company Anbang Insurance Group for $1.95 billion.

The sale comes as a surprise, since the brand recently launched a number of properties in the Middle East, including two in the UAE alone.

Bought by the Beijing-based insurance group, the Waldorf Astoria will continue to be managed by Hilton Worldwide for the next 100 years, having owned it for the past 65. According to a recent statement from Hilton, the Waldorf Astoria will undergo major renovations to restore its historic aspects.

“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,” says Christopher J. Nassetta, president and CEO of Hilton Worldwide, in a press statement. “This relationship represents a unique opportunity for our organisations to work together to finally maximise the full value of this iconic asset on a full city block in midtown Manhattan.”

Future plans for Hilton Worldwide include acquiring additional hotels in the US.

First published on Luxurymena.com, sister publication of Aficionado.