The iconic Waldorf Astoria New York will close tomorrow to begin a renovation that will see approximately 1,000 of the hotel's 1,413 guest rooms converted into condos. The historic property, which was acquired by Chinese insurance firm Anbang in 2014 for nearly $2 billion, is expected to be closed for up to three years during the project.
The hotel dates to the late 19th century, when the original Waldorf opened in 1893; the Astoria was built next door four years later. The hotel moved from its original location in 1929 to make way for the Empire State Building and reopened at its current Park Avenue location in 1931. Prior to tomorrow's closure, the property had 60,000 square feet of meeting space; M&C will report details on future meeting space and guest-room specs when they are available.
Hilton, which has managed the hotel since company founder Conrad Hilton acquired it in 1949, will begin a 100-year contract to manage the Waldorf Astoria once it reopens, which was confirmed by Hilton CEO Christopher Nassetta on the company's earnings call earlier this month.
Angbang's acquisition of the iconic property attracted intense scrutiny from the U.S. Committee on Foreign Investment over possible national-security concerns. Former president Barack Obama used to stay at the hotel when visiting United Nations headquarters in New York, but following the purchase ended that tradition.