Hilton Worldwide officially closed its sale of the Waldorf Astoria New York and will use the proceeds to purchase five properties,

the company announced Wednesday. Hilton in October 2014 first disclosed the planned $1.95 billion agreement with Beijing-based Anbang Insurance Group Co. Hilton has agreed to purchase the Hilton Orlando Bonnet Creek and Waldorf Astoria Orlando in Orlando, Fla.; The Reach and Casa Marina, Waldorf Astoria resorts in Key West, Fla.; and Parc 55 in San Francisco. The five hotels, acquired for a total $1.76 billion, will add 4,483 rooms to Hilton's portfolio.