Hilton Worldwide Holdings Inc. has agreed to sell the Waldorf Astoria New York to Anbang Insurance Group Co. for $1.95 billion. As part of this long-term strategic partnership, Hilton Worldwide will continue to manage the property for the next 100 years, and the hotel will undergo a major renovation. Hilton Worldwide intends to use the proceeds from the sale to acquire additional hotel assets in the United States in one or more transactions as part of a like-kind exchange under Internal Revenue Code Section 1031. These acquisitions will be finalized and announced at a later date. Read more over at Bloomberg.
