Hilton Worldwide Holdings

condos, Landmarks Preservation Commission, Midtown, New Developments

In news that will come as a surprise to no one, the Landmarks Preservation Commission voted unanimously this morning to designate the interiors of the famed Waldorf Astoria a New York City landmark. According to Curbed, the decision was made within minutes without hesitation from any of the board members. The announcement also comes hot on the heels of the hotel’s closure just one week ago, as its new owners, Anbang Insurance Group, undertake what’s expected to be a three-year renovation and conversion that will bring forth 840 updated hotel rooms and 321 luxury condos.

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condos, Hotels, Midtown East, New Developments

Waldorf Astoria, 301 Park Avenue

Hilton Worldwide Holdings, who had owned the landmarked Waldorf Astoria since 1972, agreed in October 2014 to sell the 1,413-room hotel to Beijing-based financial and insurance company Anbang Insurance Group for $1.95 billion. The deal closed the following February, along with plans from the new owners to convert part of the Art Deco building into luxury condos, and now the Wall Street Journal brings additional details on the conversion.

The overhaul, which could close the property for up to three years and cost upwards of $1 billion, would convert as many as 1,100 hotel rooms to condos, with the hotel portion featuring between 300 and 500 luxury guest rooms. Currently, the hotel employs about 1,500 people, but this major decline in hotel rooms will eliminate hundreds of jobs. Sources say Anbang and Hilton have already reached severance agreements totaling at least $100 million.

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condos, Hotels, Midtown East, New Developments

Waldorf Astoria, 301 Park Avenue

image via KerSaber

Back in October, it was revealed that Hilton Worldwide Holdings, who owned the landmark Waldorf Astoria since 1972, had agreed to sell the 1,232-room hotel to the Anbang Insurance Group Co., a financial and insurance company based in Beijing, for $1.95 billion. The deal closed just last week, and now the new owners are planning to convert part of the Art Deco building into luxury condominiums. According to The Real Deal, Anbang’s chairman Wu Xiaohui recently said: “We plan to renovate the two towers into luxury residential apartments with world-class amenities and finishes to reflect its culture and social status.”

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Hotels, Major Developments, Midtown East

Waldorf Astoria, 301 Park Avenue

It’s where the Waldorf salad was invented; it was the first hotel to offer room service; and it has its own railway platform to Grand Central, large enough to fit FDR’s car. The historic tidbits about the Waldorf Astoria are plenty, but now the world-famous hotel is making big changes to its future.

Hilton Worldwide Holdings, who has officially owned the Art Deco landmark since 1972, has agreed to sell the 1,232-room hotel to the Anbang Insurance Group Co., a financial and insurance company based in Beijing, for $1.95 billion. Hilton, the world’s largest publicly traded hotel operator, will continue to manage the property under a “strategic partnership.”

More on the plans here

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