A Chinese company has sent a dramatic signal about the evolution of New York, moving forward with a plan to convert most of the rooms in the famous Waldorf Astoria into condominiums.
"New York’s landmark Waldorf Astoria hotel is scheduled to close in spring 2017 so owner Anbang Insurance Group Co. can begin converting most of the more than 1,400 rooms to luxury condominiums," reports Hui-Yong Yu.
The luxury hotel, operated by Hilton Worldwide Holdings Inc., will still have 300-500 hotel rooms open after the renovation. "Anbang bought the Waldorf Astoria, an Art Deco icon on Park Avenue, in February 2015 for $1.95 billion, a record price for a U.S. hotel," adds Yu.
The Wall Street Journal broke the news of the renovation in an article that might be behind a paywall for some readers.
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