The Waldorf Astoria New York, sold for $1.95 billion to Chinese company

New York legendary hotel The Waldorf Astoria has been sold by parent company Hilton  to a Chinese insurance company Anbang Insurance Group Co. for a whopping $1.95 billion. The hotel which inspired the creation of Hilton’s Waldorf Astoria luxury hotel brand has been falling below standards due to long overdue and vital renovations. Hilton will continue to operate the hotel under a third party management agreement for the next 100 years.

Hilton is owned by private equity group, Blackstone, which recently acquired a stake in Italian luxury fashion label Versace.

The Waldorf Astoria New York sold to Chinese company