The famous Waldorf Astoria hotel in New York has been sold by Hilton Worldwide to Chinese firm Anbang Insurance Group for $1.95 billion.


Hilton will continue to operate the Art Deco hotel “for the next 100 years”, including renovating the property to restore it to its “historic grandeur” in the coming months.


The hotel giant said it would use the proceeds from the sale to invest in other hotels and assets in the US.


The Waldorf purchase by Anbang is the most ever paid for a US building by a Chinese buyer, according to Bloomberg.


The Beijing-based firm has more than 700bn Chinese yuan (£72 billion) in assets. Some analysts believe it may look to convert some of the hotel rooms on the higher floors into private residences.


Hilton Worldwide president and chief executive Christopher Nassetta said: “We are very excited to be entering into this long-term relationship with Anbang, which will ensure that the Waldorf Astoria New York represents the brand’s world-class standards for generations to come.


“This relationship represents a unique opportunity for our organisations to work together to finally maximise the full value of this iconic asset on a full city block in midtown Manhattan.”