Hilton Worldwide has sold its flagship Waldorf Astoria hotel in New York to Chinese firm Anbang Insurance Group for £1.22 billion.
Under the deal, Hilton will continue to operate the property for the next 100 years.
The hotel, part of its luxury brand, will undergo a major renovation to ‘restore it to its historic grandeur’.
The group said it would use the proceeds from the sale to buy other hotel assets in the US.
Since 2007, the Waldorf Astoria brand has increased its footprint more than five times to a portfolio of 27 destinations, including Amsterdam, Beijing, Chicago, Dubai, Jerusalem, Ras Al Khaimah and Shanghai.
Nine additional hotels are in the pipeline, including Bali, Bangkok and Beverly Hills.
