New York's illustrious Waldorf-Astoria hotel is shifting hands. Hilton Worldwide announced Monday it will continue to manage the hotel for the next 100 years under the terms of a $1.95 billion sale to Anbang Insurance Group Co., a Chinese insurance company.

The sale “will ensure that the Waldorf-Astoria New York represents the brand’s world-class standards for generations to come," Christopher Nassetta, Hilton's CEO, said in a statement, according to Bloomberg. ‘‘This relationship represents a unique opportunity for our organizations to work together to finally maximize the full value of this iconic asset on a full city block in Midtown Manhattan.”

The property will undergo a major renovation under the sale terms, but the remodeling details were not immediately known. Hilton plans to use its proceeds from the sale to open more properties in the U.S.

Millionaire William Waldorf Astor opened the 13-story Waldorf Hotel in March 1893. The Waldorf-Astoria New York on Park Avenue opened in 1931 and was the largest hotel in the world at the time. In 1993, it became an official New York City landmark.

Hilton of McLean, Virginia, is the world's largest hotel group with more than 690,000 rooms in 93 countries and territories. Conrad Hilton, the founder of Hilton Hotels, acquired the management rights to the Waldorf-Astoria in 1949, realizing one of his lifelong dreams, according to the company.