The Anbang Insurance Group Co.Ltd., a Chinese owned company, purchased the historical Waldorf Astoria New York. The sell included an agreement to have the Hilton Worldwide will continue to manage the hotel for the next 100 years. By doing this, they have insured that the hotel will be managed by people who know and fully understand the American concept of luxury, Anbang Insurance Group is also planning to invest in a major restoration to return the hotel to it's former glory. Since the new owners are willing to invest the money for a restoration and smart enough to keep the present management group, the Waldorf Astoria will continue to embody the concept of American luxury.
Waldorf Astoria was recently bought by the Chinese insurance giants, Anbang Insurance Group Co Ltd for nearly $2b. However the hotel will still be managed by the Hilton for next 100 yrs. Waldorf Astoria was previously managed by the Hilton's form 1931. Therefore it is certain that the hotel will not loose it's traditional way of conducting things.
The Waldorf Astoria will continue to be the standard that American luxury hotels are judged. The management to the hotel is not changing, in fact will managing the property for the next 100 years. In addition the new owner have committed to investing funds for major upgrades to keep the proper competitive in the world marketplace.
The Waldorf Astoria has long been seen as a symbol of American luxury. It being owned by a Chinese insurance company does not change the fact that it is still in America, visited by American and foreign people and staffed by Americans. It's history and legacy demand that it still be seen as a symbol of luxury in America.