The iconic Waldorf-Astoria hotel is being sold to Chinese insurer Anbang Insurance Group Co. Ltd for about $1.95 billion.
The 121-year-old hotel is a landmark in New York City: It has hosted dignitaries, politicians, and world-famous celebrities like Elizabeth Taylor and Princess Grace. It has also served as the home-away-from home for every US President since Herbert Hoover, and has hosted foreign royalty like the Duke and Duchess of Windsor.
And now it's entering a new chapter, though Hilton will continue to manage the property.
Rooms in the Waldorf begin at $399, while rooms in the Towers begin at $699 for suites and $1,299 for presidential-style suites.
The Waldorf hotel first opened in 1893 on the corner of Fifth Avenue and 33rd Street. A few years later, it joined the nearby Astoria hotel and got the name Waldorf-Astoria, after it's two owners: William Waldorf Astor and John Jacob Astor IV.
Source: Waldorf Astoria
The hotel moved to its current location, on Park Avenue and 50th St., in 1931. When it first opened, President Herbert Hoover said that it was "an event in the advancement of hotels."
Source: Waldorf Astoria
Conrad Hilton bought the hotel in 1949, and Hilton has managed the historic property ever since.
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