Hilton Worldwide Holdings Inc Announces Sale Of Waldorf Astoria

Shares of Hilton Worldwide Holdings Inc HLT are bearing upside in Monday’s trade following the company’s announcement to sell the Waldorf Astoria New York to Anbang Insurance Group Co. Ltd. for $1.95 billion.

The Waldorf Astoria New York is the flagship hotel of Hilton Worldwide’s rapidly-expanding luxury brand.

Anbang Insurance Group will grant Hilton Worldwide a management agreement to continue to operate the property for the next 100 years.

Shares of Hilton Worldwide recently traded at $24.49 up 0.66 percent.