World Economy

Chinese Firm Buys Waldorf Hotel

Chinese Firm Buys Waldorf HotelChinese Firm Buys Waldorf Hotel

New York’s iconic Waldorf Astoria hotel has been sold by Hilton Worldwide to Chinese firm Anbang Insurance Group for $1.95b, BBC reported. However, Hilton will continue to operate the hotel for the next 100 years. Hilton said it would use the proceeds from the sale to invest in other hotels and assets in the US.