Waldorf Astoria Sold to Chinese Company for $1.95 Billion

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The famed Waldorf Astoria Hotel, the fading Art Deco symbol of New York elegance, is being sold to the Beijing-based Anbang insurance company for $1.95 billion. Hilton Worldwide Holdings, which owns the hotel where presidents, dignitaries and movie stars have stayed for decades, will continue to operate the property for the next 100 years, Hilton says.

The Waldorf Astoria, which has lived on Park Avenue since 1931, is Hilton Worldwide's flagship hotel. Hilton says it plans to use the proceeds to renovate the Waldorf and to buy more hotels in the U.S.

New York's Waldorf Astoria Hotel Sold
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Waldorf Astoria Sold to Chinese Company for $1.95 Billion
Guests pass through a lobby of the Waldorf Astoria hotel, Monday, Oct. 6, 2014 in New York. Hilton Worldwide is selling the Waldorf Astoria New York to Chinese insurance company Anbang Insurance Group Co. for $1.95 billion. Hilton Worldwide will continue to manage the storied hotel for the next 100 years as part of an agreement with Anbang.
Gilded figures adorn the facade of the fabled Waldorf Astoria hotel.
A gilded eagle adorns the facade of the fabled Waldorf Astoria hotel.
This is an undated aerial view of the Waldorf-Astoria Hotel on Park Avenue in New York City. At the top of the skyscraper are the Waldorf Tower apartments.
A taxi passes in front of the fabled Waldorf Astoria hotel.

The Waldorf has been a featured player in more than 20 films and televisions shows, beginning in 1945 with "Week-End at the Waldorf," starring Ginger Rogers and Lana Turner. Al Pacino danced the tango at the Waldorf in "Scent of a Woman's" most memorable scene. And Don Draper met with Conrad Hilton in Waldorf suites during "Mad Men" episodes.

Many presidents have stayed at the hotel over the years.

"No sitting president since 1931 has stayed in any other hotel in New York but the Waldorf," Matt Zolbe, the Waldorf's sales director, told the New York Daily News. "We're legendary."

Marilyn Monroe sublet a suite on the 27th floor, and John and Jackie Kennedy spent the first night of their honeymoon at the Waldorf Towers, according to NewYork.com.
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