NEW YORK (AFP) - A Chinese insurance company has bought Hilton's New York luxury flagship hotel the Waldorf Astoria for US$1.95 billion (S$2.5 billion), the US hotel giant said on Monday.

Anbang Insurance Group has agreed "to restore the property to its historic grandeur" and will allow Hilton to manage the property for the next 100 years, Hilton Worldwide Holdings said.