Chinese Insurance Company Buys New York’s Waldorf Astoria Hotel

Chinese Insurance Company Buys New York's Waldorf Astoria Hotel

VOA News

October 6, 20145:29 PM

A Chinese insurance company is buying one of the most prominent business landmarks in the United States, New York's luxury Waldorf Astoria hotel.

Hilton Worldwide said Monday it is selling the hotel to the Anbang Insurance Group for $1.95 billion, making it the highest price ever paid for a U.S. hotel and the most ever paid by a Chinese buyer for a building in the United States. As part of the deal, U.S.-based Hilton will continue to manage the property for the next 100 years.

The hotel, located on Park Avenue in the heart of New York, opened in 1931 and was declared an official landmark in the biggest U.S. city in 1993. Beijing-based Anbang is planning a major restoration of the 47-story tower to return it to its Art Deco grandeur.

Over the years, the 1,413-room hotel has attracted some of most famous U.S. entertainers, including Frank Sinatra and Ella Fitzgerald. Film star Marilyn Monroe once lived in a $1,000-a-week suite at the Waldorf Astoria.

Now, its cheapest room is listed at $549 a night, with a penthouse suite going for $2,399.