Hilton Worldwide Holdings said Monday it is selling the Waldorf Astoria New York to China’s Anbang Insurance Group for $1.95 billion. The Art Deco luxury hotel, which has been open for business in Midtown Manhattan since 1931, will undergo a major renovation as part of a deal that includes a management agreement to keep Hilton operating the historic property for the next 100 years.

“We are very excited to be entering into this long-term relationship with Anbang, which will ensure that the Waldorf Astoria New York represents the brand’s world-class standards for generations to come. 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,” Hilton Worldwide CEO Christopher Nassetta said in a statement.

Proceeds from the sale of the 47-story, 1,232-room hotel will be put toward future hotel acquisitions in the U.S., Hilton said in its announcement. Hilton (HLT), which is majority-owned by private equity firm The Blackstone Group, bought the Waldorf Astoria outright in 1972 and eventually used the name to launch a global luxury brand – Waldorf Astoria Hotels & Resorts – that has 27 resorts worldwide.

Anbang is a Beijing-based insurance company that was founded just 10 years ago, but which has more than 30,000 employees and 20 million customers, according to Hilton’s announcement. The company had been considered a leading bidder for family-run Hong Kong lender Wing Hang Bank last year, but Anbang reportedly balked at the potential size of that deal before Wing Hang eventually sold to Singapore’s Oversea-Chinese Banking Corporation for $5 billion earlier this year.

The sale of the Waldorf Astoria New York represents the latest influx of cash for Hilton, which set a record for hotel industry IPOs last December when it raised $2.35 billion in its first public offering. Hilton Worldwide’s stock was down slightly Monday.