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Chinese Insurance Company Buys New York's Waldorf Astoria Hotel

A Chinese insurance company is buying one of the most prominent business landmarks in the United States, New York's luxury Waldorf Astoria hotel. Hilton Worldwide said Monday it is selling the hotel to the Anbang Insurance Group for $1.95 billion, making it the highest price ever paid for a U.S. hotel and the most ever paid by a Chinese buyer for a building in the United States. As part of the deal, U.S.-based Hilton will continue to manage the property for the next 100 years. The...

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