Hilton Worldwide has confirmed it will see the iconic Waldorf Astoria Hotel in New York for $1.95 billion.

Chinese insurance first Anbang Insurance Group will take ownership of the property, but the deal will see Hilton continue to operate the hotel on a 100 year lease.

Hilton will also lead the Anbang financed, renovation of the property in the coming months.

Hilton is expected to reinvest the proceeds of the sale in its other North American properties.

The Beijing-based Anbang has more than $114 billion in assets.

The company is expected to also convert some of the higher floors in the property into private residences.

“This relationship represents a unique opportunity for our organisations to work together to finally maximise the full value of this iconic asset on a full city block in midtown Manhattan,” said Christopher Nassetta, president and chief executive officer of Hilton Worldwide, in a statement.

The Hilton hotel chain, which went public last year, is majority-owned by private equity giant Blackstone.