Under the purchase agreement, Hilton will manage the 1,232-room hotel. The two companies said they plan to undertake a major renovation that will "restore the property to its historic grandeur", according to a media release.
Christopher J. Nassetta, president and CEO of Hilton Worldwide, said in a statement on Monday that Hilton is very excited to be starting a long-term relationship with Anbang.
"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," Nassetta said.
"It will ensure that the Waldorf Astoria New York represents the brand's world-class standards for generations to come."
Hilton said it plans to use the proceeds from the sale to make additional acquisitions in the hotel and hospitality sector, but no information about future purchases has been announced.
Kevin Mallory, global head of the hotel unit at CBRE Group, said the $1.95 billion for the Waldorf Astoria is the most paid by a Chinese buyer for a US property.
"We're seeing a diversification strategy being employed by insurance companies and others, and it's also true when it comes to private Chinese investors," Mallory said in an interview with Bloomberg News.
Mu Chen contributed to this story.
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