The Waldorf Astoria New York will shut down next spring so
that many of the rooms can be converted to luxury condominiums.
The hotel’s owner, Anbang Insurance Group, would not disclose
how many rooms would become condos. Also, the hotel will be renovated.
Bloomberg News reported that Anbang will take three years to
redevelop the property with between 300 and 500 hotel rooms and an unspecified
number of condos. The property currently has 1,416 hotel rooms.
Anbang acquired the landmark Manhattan property from Hilton
Worldwide last year for $1.95 billion. It had said that the property would
receive a “major” renovation while granting Hilton a 100-year management
The hotel dates to the late 19th century. The original
Waldorf opened in 1893, and the Astoria was built next door four years later.
The hotel shuttered its original location in 1929 to clear space for the Empire
State Building and reopened at its current Park Avenue location in 1931. Hilton
has managed the property since 1949.