Categories: Business

Waldorf Astoria NYC sold to Chinese company

Waldorf-Astoria has been the scene of many films and was briefly the residence of Marilyn Monroe after she left Hollywood

Waldorf Astoria hotel has been sold by Hilton Worldwide to Chinese insurance company Anbang Insurance Group for $1.95 billion.

However, Hilton will continue to operate the New York property “for the next 100 years”, including renovating the property in the coming months.

Shares in Hilton jumped 3% on news of the sale, before later declining.

Hilton said it will use the proceeds from the sale to invest in other hotels and assets in the US.

Waldorf-Astoria has been the scene of many films and was briefly the residence of Marilyn Monroe after she left Hollywood

“This relationship represents a unique opportunity for our organizations to work together to finally maximize the full value of this iconic asset on a full city block in midtown Manhattan,” said Christopher J. Nassetta, president and chief executive officer of Hilton Worldwide, in a statement.

Conrad Hilton, the eponymous founder of the hotel firm, bought the Waldorf in 1949, 18 years after it opened.

Waldorf-Astoria has been the scene of many films, such as Weekend at the Waldorf, and was briefly the residence of Marilyn Monroe after she left Hollywood.

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Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.