While plans have not been finalized, the new owner of the original Waldorf Astoria in New York, China’s Anbang Insurance Group Co., plans to shut down the landmark for up to three years, invest around US$1 billion and convert as many 75% of the guest rooms into condominiums, according to The Wall Street Journal. The 1,413-room property will close in the spring to remove as many as 1,100 hotel rooms, which will eliminate hundreds of hotel jobs, according to The Journal’s sources.
The new Waldorf will reopen with 300 to 500 luxury guest rooms, according to the report, and with the reduction in hotel jobs, Anbang and property manager Hilton Worldwide have reached severance agreements at a cost of US$100 million or more.
Anbang acquired the 85-year-old New York City institution for US$1.95 billion.