|Photo by Freeimages.com/Danas FFF|
The Waldorf-Astoria in New York is set to close for up to three years as part of a massive redevelopment project that will convert most of its rooms to luxury condos, the New York Post and the Wall Street Journal report. The hotel’s owner, China’s Anbang Insurance Group, will close the hotel starting next spring.
The project will cut the hotel’s room count by up to three-quarters, from 1,143 guest rooms to between 300 and 500, according to the Post, with the remainder to become luxury condominiums. The project is expected to cost more than $1 billion, but could raise up to $4 billion in sales for the hotel. Hilton Worldwide, which owned the hotel until its purchase by Anbang in 2014, will continue to manage the property once it reopens.