Chinese Firm Buys New York's Iconic Waldorf Astoria Hotel for $1.95 Billion

The 1,413-room Waldorf Astoria in New York City has been sold to a Chinese firm, Anbang Insurance Group, for $1.95 billion, according to press reports. Anbang plans to to renovate the Park Avenue property, which opened in 1931. The seller, Hilton Worldwide Holdings, which owns, controls or franchises more than 4,200 hotels and time-share properties, will continue to operate the landmark hotel under a 100-year management contract with Anbang.