Hilton has completed the nearly $2 billion sale of the Waldorf Astoria to a Chinese insurance company. The company will continue to manage the storied New York hotel for the next 100 years as part of an agreement with Anbang Insurance Group. Proceeds from the sale will go towards buying five properties for $1.76 billion. The properties include the Hilton Orlando Bonnet Creek in Orlando, Florida; the Waldorf Astoria Orlando in Orlando; The Reach, a Waldorf Astoria resort, in Key West, Florida; the Casa Marina, a Waldorf Astoria resort, in Key West and Parc 55 in San Francisco. Those acquisitions are expected to close this month. Remaining proceeds from the sale of Waldorf, about $100 million, will be used to buy additional assets within the next six months.
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