China’s Anbang Insurance Group Co gets U.S. go-ahead for $1.95 bln New York’s famed Waldorf Astoria buy.

Anbang Insurance Group has become the new owner of the famous Waldorf Astoria, the landmark hotel on Park Avenue, New York, the company bought the asset from Hilton Worldwide Holdings Inc. for an eye-popping $1.95 billion.

Located at the core area of Manhattan in New York City, the Waldorf Astoria has always been renowned as a center of mainstream social activities.

From its inception, the hotel has been acknowledged as a historic landmark building in New York and one of the world’s foremost grand hotels. The hotel maintains over 90% occupancy rate year round due to its premier service standards and a group of loyal customers.

Covering the entire block in the heart of Manhattan, the Waldorf Astoria bears an unparalleled level of investment value in New York.

Anbang has established a long-term strategic partnership with Hilton Worldwide Holdings to continue fostering top-tier customer experience at the Waldorf Astoria, where Hilton was engaged in providing management services for Anbang over the next 100 years.

Following the business concept of treating customers as family members, Anbang provides more than 20 million customers with a comprehensive range of financial and insurance services and products, including life insurance, pensions, health insurance, property and casualty insurance and asset management.

Over the years the group has become an industry leader in bringing high investment returns to customers, and is dedicated to providing easier and faster service experience for customers by fully utilizing the mobile internet technology.

As a Chinese insurance company with an international vision, Anbang has developed a well-structured global strategy to seize the opportunities brought by economic globalization and deliver services to customers around the world following their steps of “going global”.

Given the strong performance in the past, the group intends to realize long-term stable investment return by investing in high quality real properties in North America. Going forward it will increase the share of overseas assets in asset allocation, taking Europe and North America as priority areas, stated Anbang.

Anbang Insurance Group said it has received the approval from regulators in the U.S.