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Waldorf Astoria NY Sold For Hefty Price

NEW YORK CITY—Hilton will continue managing the iconic hotel for another century, and it has big plans for the property.

By Rayna Katz | Updated on October 06, 2014

NEW YORK CITY—Hilton Worldwide Holdings Inc. has sold the iconic Waldorf Astoria New York for $1.95 billion. The buyer is Anbang Insurance Group Co. Ltd. As part of a long-term strategic partnership between the two organizations, 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.

Hilton Worldwide intends to use the proceeds from the sale to acquire additional hotel assets in the US. in one or more transactions as part of a like-kind exchange under Internal Revenue regulations. The hotelier did not reveal what properties would be acquired or a timeline for such transactions.

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