The Waldorf Astoria New York will close on Wednesday, as owner Anbang Insurance Group will convert part of the iconic midtown Manhattan hotel to luxury condominiums.
Reports peg the closure time for as long as three years.
Anbang, which acquired the property from Hilton in 2015 for $1.95 billion, hasn’t disclosed how many of the property’s 1,416 rooms will be converted to condominiums.
Hilton CEO Christopher Nassetta, speaking on the company’s earnings call earlier this month, confirmed that Hilton will begin a 100-year contract to manage the hotel once it reopens. (Hilton is Waldorf Astoria’s parent company.)
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 hotel since company founder Conrad Hilton acquired it in 1949. The property has been an official New York City landmark since 1993.
By Danny King
Source: Travel Weekly