Hilton Worldwide Holdings Inc., the world’s largest publicly traded hotel operator, agreed to sell the luxury Waldorf Astoria hotel in Manhattan to Beijing-based Anbang Insurance Group Co. for $1.95 billion.

Hilton will continue to manage the 1,232-room hotel, which will undergo a major renovation, according to a statement Monday. The company, based in McLean, Va., plans to use the proceeds from the sale to acquire additional hotel assets in the U.S. in one or more transactions.