June 28, 2016
The Waldorf Astoria, New York City’s iconic hotel, is scheduled to close in spring 2017. At that time, owner Anbang Insurance Group Co. will begin converting more than the 1,400 rooms into luxury condominiums. The conversion process could take up to three years.
Beijing-headquartered Anbang bought the landmark hotel at 301 Park Ave. in February 2015 for close to $2 billion, a record price for a U.S. hotel. The owner has said it plans to convert most of the asset into condos.
The hotel is managed by Hilton Worldwide Holdings Inc. The scope, detail and timing of the closure and renovation have not been released.