News Hilton sells Waldorf-Astoria to Chinese insurance group By REUTERS Updated October 6, 2014 8:54 PM Print Share Share Tweet Share Email Hilton Worldwide Holdings said Monday it will sell the Waldorf-Astoria hotel to a Chinese insurance company for $1.95 billion, one of the highest prices per room ever paid for a U.S. hotel. Anbang Insurance Group Co. Ltd. will pay $1.38 million per room for the Manhattan hotel. Hilton will continue to operate the property for the next 100 years. "The hotel will undergo a major renovation to restore the property to its historic grandeur," Hilton said in a statement. The Waldorf-Astoria is the latest iconic New York property to be bought by a Chinese company, after last year's sale of One Chase Manhattan Plaza to Fosun International. Based on full occupancy at the Waldorf's lowest room rate of $329, Anbang would recover its investment in about 10 years. A night in the Towers presidential suite will cost a single guest $1,609, according to the hotel's website. By REUTERS Share on Facebook Share on Twitter Comments Comments section is temporarily on hold. Here’s why.