Hilton Worldwide Holdings has confirmed that it is selling the Waldorf Astoria hotel in New York to China-based buyer Anbang Insurance Group for an estimated £1.2bn ($1.95bn).
The selling price has made Waldorf the most expensive single hotel to be ever sold in the US, according to Daniel Lesser, CEO of LW Hospitality Advisors.
"This is the largest single-hotel transaction period. Certainly in the U.S., and maybe for the world," said Lesser.
According to Lesser, the total sale value translates to approximately £0.9m ($1.4m) per room key.
Prior to Waldorf's sale, the most expensive single-hotel deal was the sale of The Cosmopolitan hotel and casino in Las Vegas, which was sold to Blackstone at an estimated £1bn ($1.73bn).
In exchange for the billions of dollars, Anbang Insurance Group now owns a block of real estate in the heart of Manhattan.
Under the deal, Hilton will continue to operate the property for 100 years while the hotel undergoes major renovations.
"On a relative basis, the U.S. is the safest place to invest, especially given all the unrest in the world. When done correctly, hotels are an incredible investment.
"Especially with technology allowing hotels to reprice rooms instantly for demand," added Lesser.