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Hilton sells Waldorf-Astoria to Chinese insurance group

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.

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