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.

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New York's Waldorf Astoria Hotel
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Waldorf Astoria Sold to Chinese Company for $1.95 Billion

An exterior view of the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

Employees embrace on their last day of work in the main lobby of the world famous Waldorf Astoria Hotel in midtown Manhattan in New York City, February 28, 2017. The Waldorf Astoria, which opened in 1893, is scheduled to close on March 1, 2017.

(REUTERS/Mike Segar)

A lobby shop displays a sign inside the world famous Waldorf Astoria Hotel in midtown Manhattan in New York City, February 28, 2017. The Waldorf Astoria, which opened in 1893, is scheduled to close on March 1, 2017.

(REUTERS/Mike Segar)

Guests occupy the main lobby of the world famous Waldorf Astoria Hotel in midtown Manhattan in New York City, February 28, 2017. The Waldorf Astoria, which opened in 1893, is scheduled to close on March 1, 2017.

(REUTERS/Mike Segar)

Employees walk through a hallway on the ballroom level inside the world famous Waldorf Astoria Hotel in midtown Manhattan in New York City February 28, 2017. The Waldorf Astoria, which opened in 1893, is scheduled to close on March 1, 2017.

(REUTERS/Mike Segar)

A sign for the Shoe Shine room is seen inside the world famous Waldorf Astoria Hotel in midtown Manhattan in New York City, February 28, 2017. The Waldorf Astoria, which opened in 1893, is scheduled to close on March 1, 2017.

(REUTERS/Mike Segar)

People walk past an entrance to the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

Metal design work adorns the Park Avenue Entrance to the world famous Waldorf Astoria Hotel in midtown Manhattan in New York City, February 28, 2017. The Waldorf Astoria, which opened in 1893, is scheduled to close on March 1, 2017.

(REUTERS/Mike Segar)

A marble statue is seen in a stairwell inside the world famous Waldorf Astoria Hotel in midtown Manhattan in New York City, February 28, 2017. The Waldorf Astoria, which opened in 1893, is scheduled to close on March 1, 2017.

(REUTERS/Mike Segar)

The reception desk area is seen inside the main lobby of the world famous Waldorf Astoria Hotel in midtown Manhattan in New York City, February 28, 2017. The Waldorf Astoria, which opened in 1893, is scheduled to close on March 1, 2017.

(REUTERS/Mike Segar)

Evening traffic passes by on Park Avenue near the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

A view inside one of the lobbies at the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

A doorman looks on as people walk past an entrance to the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

A man takes a photograph inside the Vanderbilt Room at the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

A visitor walks up the stairs as he enters the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

An exterior view of the world famous Waldorf Astoria Hotel in midtown Manhattan in New York City, February 28, 2017. The Waldorf Astoria, which opened in 1893, is scheduled to close on March 1, 2017.

(REUTERS/Mike Segar)

A former dinner setting style is displayed inside the world famous Waldorf Astoria Hotel in midtown Manhattan in New York City, February 28, 2017. The Waldorf Astoria, which opened in 1893, is scheduled to close on March 1, 2017.

(REUTERS/Mike Segar)

Mementos, including a program for a 1954 luncheon in honor of Queen Elizabeth, sit in a display case at the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

A display case showcases photographs of famous guests who visited the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

A view of the main lobby at the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

A display case showcases photographs of famous guests who visited the Waldorf Astoria Hotel, February 28, 2017 in New York City. The iconic hotel, which opened in 1931, will close on Wednesday for a two-year renovation that will transform it into a smaller hotel with condo units.

(Photo by Drew Angerer/Getty Images)

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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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