China's Anbang Insurance Group buys Waldorf-Astoria for US$1.95b

New York

THE Waldorf-Astoria was unofficially known as New York's regal palace shortly after its opening in 1931, becoming home to many of the city's important social functions and visiting dignitaries from countries whose flags fluttered from the parapets.

Eighty-three years later, the Waldorf-Astoria retains its cachet with the pending sale of the landmark hotel to a Chinese insurance company for US$1.95 billion, among the highest prices ever paid for a hotel.