The storied hotel is being sold to Chinese insurance company Anbang Insurance Group Co., but Hilton International will continue to manage the property for the next 100 years as part of an agreement. The Waldorf Astoria New York has restaurants including Peacock Alley, Bull and Bear Prime Steakhouse and Oscar’s. The companies said Monday that the property will undergo a major renovation. In March 1893, millionaire William Waldorf Astor opened the 13-story Waldorf Hotel. The Astoria Hotel opened four years later. The Waldorf Astoria New York opened in 1931 and at the time it was the largest hotel in the world. Hilton Worldwide plans to use proceeds from the hotel’s sale to buy additional hotel assets in the U.S.