Hilton To Sell Waldorf Astoria New York To Anbang Insurance For $1.95 Bln

(RTTNews) - Hilton Worldwide Holdings Inc. (HLT) announced it has entered into an agreement with Anbang Insurance Group Co.Ltd., under which Anbang has agreed to purchase the Waldorf Astoria New York for $1.95 billion.

Hilton Worldwide noted that, as part of this long-term strategic partnership, Anbang will grant Hilton Worldwide a management agreement to continue to operate the property for the next 100 years, and the hotel will undergo a major renovation to restore the property to its historic grandeur.

The Waldorf Astoria New York is the flagship hotel of Hilton Worldwide's rapidly-expanding luxury brand, Waldorf Astoria Hotels & Resorts.

Hilton Worldwide said it plans to use the proceeds from the sale to acquire additional hotel assets in the U.S. in one or more transactions as part of a like-kind exchange under Internal Revenue Code Section 1031. These acquisitions will be finalized and announced at a later date.