Hilton Worldwide signed a 100-year contract in 2014 to manage Manhattan's famous Waldorf Astoria hotel, just before China's Anbang Insurance—a holding company without much commercial real estate experience—bought the landmark for $1.95B.

In 2017, Anbang closed the hotel and launched a project to convert much of it to luxury condos—they were going to be sold for $18M each—atop a new hotel that would become the flagship of the new Waldorf Astoria brand for Hilton.

Now, six years later, Hilton is managing nearly 30 Waldorf Astoria-branded hotels around the world, but not the original.

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