Speed Reads

that's a lot of money

NYC's landmark Waldorf Astoria hotel to sell for almost $2 billion

New York City's iconic Waldorf Astoria hotel will be sold to the Beijing-based Anbang Insurance Group for $1.95 billion, Hilton Worldwide announced Monday. Hilton will continue to run the hotel for another century.

"We are very excited to be entering into this long-term relationship with Anbang, which will ensure that the Waldorf Astoria New York represents the brand's world-class standards for generations to come," Christopher Nassetta, president and CEO of Hilton Worldwide, said in a statement.

Under the deal, the hotel will undergo an extensive renovation. The Waldorf first opened at its Park Avenue address on Oct. 1, 1931 — before that, it was located on the site where the Empire State Building now stands. Every U.S. president since Herbert Hoover has visited, Marilyn Monroe once lived there, and countless other celebrities over the past 80 years have roamed the halls.

The landmark is the flagship for Hilton Worldwide's Waldorf Astoria Hotels & Resorts brand, but this is the only hotel in the Waldorf Astoria chain being sold to Anbang, USA Today reports. The money Hilton Worldwide receives from the sale will go toward purchasing additional properties in the United States. The deal is set to close on Dec. 31.