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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