Hilton Worldwide is selling the Waldorf Astoria New York for $1.95 billion to Beijing-based Anbang Insurance Group Co.,

the company announced this week. Hilton will continue to manage the historic property under a 100-year management agreement, and the property will undergo extensive renovations. Hilton plans to use proceeds from the sale to buy additional hotel assets in the United States, which the company said would be finalized and announced at a later date.