Hilton to Sell Waldorf Astoria to Chinese Investors October 07 2014

The iconic Waldorf-Astoria hotel is being sold to the Chinese insurer Anbang Insurance Group Co. Ltd by Hilton Worldwide for about $1.95 billion

Five-star hotels in cities like London, Paris and New York are a coveted commodity for international buyers.

The 121-year-old hotel is a landmark in New York City and the buyer plans a renovation of the hotel on Park Avenue, to restore the 47-story tower to its Art Deco grandeur.

The U.S.-based hotel chain will continue to run the legendary property for another 100 years.

Rooms in the Waldorf begin at $399, while rooms in the Towers begin at $699 for suites and $1,299 for presidential-style suites.  

Mr. President Barack Obama at Waldorf Astoria (source Waldorf Astoria)