The Waldorf Astoria hotel will be closed for up to three years while it is renovated into condominiums. The property’s new owner, Anbang Insurance Group, plans to convert 1,100 rooms into condos while the remaining 300 to 500 rooms will operate as a luxury hotel operated by Hilton Worldwide. The Chinese insurer bought the hotel for $1.95 billion from the Blackstone Group last year.
The conversion is estimated to cost the insurer up to $1 billion. “To achieve the high value-creation, we plan to renovate the two towers into luxury residential apartments with world-class amenities and finishes,” according to the firm’s chairman Wu Xiaohui. “At the same time, we will build the hotel section into a super five-star hotel, delivering unparalleled customer experience.”
