Waldorf Astoria Sold - Hilton Worldwide Holdings has on Monday announced its decision to sell its prestigious Waldorf Astoria New York hotel for $1.95 billion.

The famous Manhattan hotel was acquired by a Chinese firm Anbang Insurance Group Co. But under the agreement Hilton Worldwide would still run the luxury property for the next 100 years.

As part of the partnership, which has being described as "long-term and strategic", the Waldorf Astoria robes hotel will reportedly undergo major renovations to restore it to its "historic grandeur," reads a Hilton Worldwide statement released on Monday.   

 "We are very excited to enter into this long term relationship with Anbang, which will ensure that Waldorf Astoria New York represents the brand's world-class standards for generations to come," says Christopher J. Nassetta, president and chief executive officer of Hilton Worldwide.

The company is set to invest the returns from the sale of the Waldorf Astoria hotel to expand its assets. The company "intends to use proceeds from the sale to acquire hotel assets in the U.S in one or more transactions as part of a like - kind exchange under internal Revenue Code Section 1031," the statement reads.

Last year, Hilton Worldwide also sold its Waldorf Astoria outpost in Naples to real estate firm Northwood Investors. But, in a similar deal, Hilton has continued to maintain the operation of the hotel, which has since been renamed the Naples Grande Beach Resort, with Northwood.

Anbang, a Beijing based insurance firm, is reportedly paying about $1.4 million for a room of the hotel. The founder of the Hilton chain of hotels Conrad Hilton once reportedly referred to the Waldorf Astoria, which he bought for $3 million in 1949, as "the greatest of them all."

Waldorf has 1,413 rooms and was opened in 1931. Its legend has since grown beyond Manhattan and many notable personalities, including celebrities and presidents from across the world, have had good things to say about its exquisite facilities over the years.

Nassetta welcomed the deal to sell and the opportunities it offers the globally recognized brand. He said "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 block in midtown Manhattan."

The sale of Waldorf Astoria to Anbang follows the growing trend of Chinese insurance companies acquiring high-end properties in the country. Last year, another Chinese firm Fosun International Ltd acquired On Chase Manhattan Plaza's 60-storey building for $725 million.

Many experts say the sudden interest in American real estate from the Chinese business community may be due to China's recent "softening" of laws regulating the acquisition of real estate outside of the communist country.