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Hilton Worldwide Holdings announced on Monday it has sold the Waldorf Astoria New York to Anbang Insurance Group for $1.95 billion.
Under the agreement, Anbang will allow Hilton to continue to operate the property for the next 100 years, and the hotel will undergo a major renovation to restore the property.
Hilton plans to use the proceeds to acquire additional hotels in the U.S. The acquisitions will be finalized and announced at a later date, the company 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 city block in midtown Manhattan, " Christopher J. Nassetta, president and chief executive officer of Hilton Worldwide, said in a statement.
Shares of Hilton were higher in premarket trading. (Get the latest quote here.)