Waldorf Astoria hotel, New York City

China's Anbang Insurance Group acquired the world-renowned Waldorf Astoria hotel in New York for $1.95 billion.

Hilton Worldwide Holdings said on Oct 6, 2014, that it had reached an agreement to sell the 60,000-square-foot landmark property that straddles Lexington and Park avenues.

View of Waldorf Astoria, the landmark New York hotel, on Oct 6, 2014 in New York City. [Photo/CFP]