Hilton Selling NYC’s Waldorf Astoria Hotel For $1.95 Billion

How valuable is an old respected name in the world of business? While we’re used to tech companies selling for a few billion here and there, a single hotel building doesn’t seem like it should be worth much. But when you’re the Waldorf-Astoria, with roots in New York City dating back to the 19th century, you can command a pretty hefty price tag — $1.95 billion to be exact, which is what a Chinese insurance company is willing to pay to own a piece of hotel history.

Hilton Worldwide Holdings has owned the 1,232-room Waldorf Astoria Hotel since 1972 (the first hotel under that name opened in 1893 but moved in 1931), but announced that it has agreed to sell the hotel to a company from Beijing called Anbang Insurance Group Co., reports Bloomberg News.

There won’t be a mass exodus of heavy draperies and rich carpet from the building, however, as Hilton will stay on to manage the business after what it’s calling a “major renovation” for the art deco style building, which was the tallest hotel in the world when it was built. Hilton now has a 100-year management agreement to operate the hotel.

Selling it to Anbang “will ensure that the Waldorf Astoria New York represents the brand’s world-class standards for generations to come, Chief Executive Officer Christopher Nassetta said in a statement today. “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.”

Hilton to Sell NYC’s Waldorf Astoria or $1.95 Billion [Bloomberg News]