The Waldorf Astoria in New York is to be sold to Chinese company Anbang Insurance Group for $1.95 billion (£1.22 billion). However, Hilton will continue to operate the iconic hotel for the next 100 years, including renovation. The deal is the most paid for a building in the US by a Chinese firm, according to Bloomberg.

“We are very excited to be entering into this long-term relationship with Anbang, which will ensure that the Waldorf Astoria New York represents the brand’s world-class standards for generations to come,” said Christopher J Nassetta, Hilton Worldwide CEO.