New York’s Waldorf Astoria Sells for Nearly $2 Billion Worlds Most Expensive Hotel

Photo: Flickr

Photo: Flickr

Probably the most iconic hotel in all of New York, the Waldolf Astoria, is now the most expensive ever.

The Waldorf is being sold by Hilton Worldwide to a Chinese insurer for nearly $2 billion, the most expensive sale price for a hotel to date.

Under the new terms of the $1.95 billion sale, the new owners Anbang Insurance Group, Hilton Worldwide will still run and manage the hotel for the next century. The hotel which opened in 1931, is set to undergo a major renovation to restore the glamorous Art Deco structure.

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