The Waldorf Astoria sold for $1.95 billion

The Waldorf Astoria sold for $1.95 billion

Hilton Worldwide is selling its famously called “the greatest of them all”, the Waldorf Astoria hotel, to Chinese insurance company Anbang Insurance Group Co. for $1.95 billion. This definitely put the Waldorf Astoria on a list of most expensive hotel ever sold in the U.S.

The Waldorf Astoria New York, on Park Avenue in Manhattan opened in 1931. At the time it was the tallest and largest hotel in the world. As part of the deal, Hilton will continue to operate the property for 100 years and the hotel will undergo a major renovation. The iconic hotel was featured in a 1945 film staring Ginger Rogers called “Week-end at the Waldorf,” and it features the most elite New York’s restaurants such as Peacock Alley, Bull and Bear Prime Steakhouse and Oscar’s. Its $1,000-per-week Suite 2728 was home to Marilyn Monroe in 1955 after she left behind her troubled life in 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 of Hilton Worldwide.

Designed by Henry Janeway Hardenbergh, the first 13-story Waldorf Hotel was opened on March 1893 at the corner of Fifth Avenue and 33rd Street, on the site where millionaire developer William Waldorf Astor had his mansion.