Waldorf-Astoria Facing a Shutdown

The 85-year old Waldorf Astoria New York has hosted many celebrities and US presidents.

NEW YORK CITY—The Waldorf-Astoria New York is about to close, GlobeSt.com has confirmed. At least, for the next three years, as much of the storied property’s 1413 rooms are converted into condominiums, according to the Wall Street Journal. The hotel’s latest owner, Anbang Insurance Group Co.—which purchased the property in late 2014 in a massive, and ballyhooed , sale—appears ready to make its mark here. The company intends to make as much as 1,100 hotel rooms into apartments, the Journal states. Following the renovation, the Waldorf would reopen with 300 to 500 luxury rooms. Hilton Worldwide Holdings, the originally owner of the hotel, would continue managing the property after the renovation and conversion. In a speech last year at Harvard University, Anbang CEO Wu Xiaohui said, “We plan to renovate the two towers into luxury residential apartments with world-class amenities and finishes. At the same time, we will build the hotel section into a super five-star hotel, delivering unparalleled customer experience inspired by Anbang’s customer-orientation culture.” A spokesman additionally tells GlobeSt.com, “We have not finalized any plans in terms of the scope, nature and details of the renovation project or the exact timing and duration of the hotel’s closure. We are currently developing conceptual plans and will share additional details once those plans are finalized.” As outlined in the Journal , the revamp plan calls for as many as 1,100 hotel rooms to be taken out of commission; a move that would prompt Anbang to eliminate hundreds of hotel jobs in room-service, housekeeping and other areas. In all, the hotel employs approximately 1,500 people. The cost of the redevelopment is expected to come in at more than $1 billion, according to people familiar with the plan. Anbang already spent $1.95 billion to acquire the property, making the purchase the steepest price tag ever paid for a US hotel. Spanning the entire block between 49th and 50th Streets on Park Avenue, the iconic 85-year old hotel has hosted every US President since Herbert Hoover, as well as a wide variety of celebrities, including Frank Sinatra and the Duke of Windsor after he abdicated his throne to marry American socialite Wallis Simpson. Complaints about the Waldorf’s standard rooms are filed regularly, the Journal reports, and the hotel’s reputation as the home of presidents when they’re in town has diminished some in the wake of security concerns now that the property is under Chinese ownership. President Barack Obama bypassed the hotel last year during a swing through the city to speak at the United Nations. Still, the property has its fans. When he purchased the Waldorf back in 1949, hotelier Conrad Hilton labeled a photo of the building as “the greatest of them all.”