Waldorf Astoria hotel to undergo renovation after Chinese sale

The Waldorf Astoria Hotel in New York is pictured. (Marco Rubino/Shutterstock.com)

The iconic Waldorf Astoria New York is set to undergo major renovations as part of a deal in which a Chinese insurance company paid $1.95 billion for the historic property.

Loyal guests of the luxury hotel who may have sentimental memories of the Manhattan landmark may want to consider booking a final stay before it undergoes a makeover that will restore the property to its “historic grandeur.”

As part of the deal -- which has become the most expensive hotel sale in the US -- buyer Anbang Insurance Group will grant parent company Hilton Worldwide rights to manage the property for the next 100 years.

The Waldorf Astoria New York has a storied and colorful history that dates back to 1893, and includes lofty titles like the tallest and largest hotel in the world back in 1931, and has hosted a bevy of celebrities including Marilyn Monroe and Ella Fitzgerald.

It was also the first to introduce the concept of room service.

The building, which takes up a full city block in Manhattan, became an official New York City landmark in 1993, joining other major icons like The Empire State Building and the Brooklyn Bridge.