Waldorf-Astoria sold to Chinese insurance company

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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.

1 Comment

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