MIDTOWN, Manhattan (PIX11) -- The famed Waldorf-Astoria Hotel has been sold to a Chinese insurance company called the Anbang Insurance Group.
The company has bought the Park Avenue landmark from Hilton Worldwide for $1.95 billion.
Hilton will still operate the hotel for at least the next century under the deal.
The companies also announced the inside of the Waldorf will be getting a major facelift.
The hotel opened in 1931, and has been managed by Hilton since 1949.