The Waldorf-Astoria, a symbol of New York City high-life, was sold for $1.95 billion to a Chinese insurance company. According to The New York Times, that amount is one of the highest prices to be paid for a hotel.
"The buyer, Anbang Insurance Group, plans a renovation of the hotel on Park Avenue, to restore the 47-story tower to its Art Deco grandeur," the newspaper reported.
Hilton Worldwide Holdings will reportedly "continue to operate the 1,413-room hotel under a 100-year management contract with Anbang."
The Times quoted a statement by the President and CEO of Hilton Worldwide, Christopher J. Nassetta, "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."
The original hotel was built in 1893 at the behest of millionaire William Waldorf Astor. The 13-story hotel was located where the Empire State Building stands today, according to an NYU fact sheet on the hotel. The hotel was the first to include electricity throughout the building. The second incarnation of the hotel in its current Park Avenue location was the first to offer room service, The New York Times reported.
The fact sheet on the hotel lists a multitude of movies that used the hotel as a backdrop, including "The Royal Tenenbaums," "Maid in Manhattan," "You've Got Mail," "Mr. and Mrs. Smith," as well as TV shows "Law and Order," "Sex and the City," "The Sopranos," and "Will & Grace." According to the Associated Press via Time, the hotel became an official New York City landmark in 1993.
