The legendary Waldorf Astoria New York sold for $1.95 billion

Hilton’s 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 architectural and hospitality masterpiece and has been an internationally recognized symbol of elegance and grace for more than a century. This week, the legendary luxury hotel was purchased for $1.95 billion by Anbang Insurance Group. 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.

In the grandest of traditions, the high-end 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,

Hilton Worldwide intends to use the proceeds from the sale to acquire additional hotel assets in the U.S. in one or more transactions.

The Waldorf Astoria New York hotel has set the standard worldwide for fine dining, lavish accommodations, and 5-star events for over a century. This landmark luxury New York City hotel is in the heart of Midtown New York City on famous Park Avenue.