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Tue 7 Oct 2014 11:43 AM

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Hilton sells Waldorf Astoria New York for $1.95bn

Deal with an Asian firm makes it the most expensive hotel ever sold

Hilton sells Waldorf Astoria New York for $1.95bn

A Chinese insurance company has bought the iconic Waldorf Astoria New York hotel from Hilton Worldwide for $1.95 billion, making it the most expensive hotel ever sold.

Anbang Insurance Group has purchased the property and has granted Hilton a management agreement to continue to operate it for the next 100 years.

Announcing the deal, Hilton said the hotel will undergo a major renovation to restore the property to its “historic grandeur”.

"We are very excited to be entering into this long-term relationship with Anbang, which will ensure that the Waldorf Astoria New York represents the brand's world-class standards for generations to come,” Hilton Worldwide president and CEO Christopher Nassetta said.

“This relationship represents a unique opportunity for our organisations to work together to finally maximise the full value of this iconic asset on a full city block in midtown Manhattan.”

The hotel opened in its current site in Manhattan, New York in 1931 and became the flagship hotel for the luxury Waldorf Astoria brand, which is now present in 27 destinations, including Dubai and Ras Al Khaimah.

Hilton Worldwide has said that it will use the proceeds from the sale to acquire additional hotel assets in the US in one or more transactions, which will be finalised and announced at a later date.

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