Hilton Worldwide Holdings Inc. has entered into an agreement to sell the Waldorf Astoria New York to Anbang Insurance Group Co. Ltd.
Anbang has agreed to purchase the Waldorf Astoria New York for $1.95 billion. As part of this long-term strategic partnership, Anbang will grant Hilton Worldwide a management agreement to continue to operate the property for the next 100 years, and the hotel will undergo a major renovation to restore the property to its historic grandeur.
The Waldorf Astoria New York was famously called "The Greatest of the Them All" by Hilton Worldwide's founder Conrad Hilton. It is an Art Deco masterpiece and has been an internationally recognized symbol of elegance and grace for more than a century. In the grandest of traditions, the hotel features cosmopolitan restaurants (including Peacock Alley, Bull and Bear Prime Steakhouse and Oscar's), bustling lounges and bars, the Guerlain Spa, more than 60,000 square feet of high-tech equipped function space, a state-of-the-art business center and intriguing boutiques.
Anbang Insurance Group Co., Ltd. is one of the comprehensive group companies in insurance business of China. Anbang has been developing stably and reached a total asset of 700 billion Yuan. Its network covers 31 provinces and autonomous regions. The group has over 3000 outlets, over 10 million customers and overseas Asset Management Company.