New York’s landmark hotel the Waldorf Astoria is to undergo a three-year project that will see its hotel inventory slashed by 1,000 rooms in favour of residential condominiums.
Hotel owner Anbang said once the renovation is completed, the Waldorf will have just 350 hotel rooms compared to the current 1,413 prior to closing in preparation for the refurbishment, which starts next month.
According to the New York Post, this doesn’t sit well with former owner Hilton, which has a 100-year agreement to manage the hotel.
Hilton had expected the hotel to be downsized but not to this degree, according to unnamed sources.
The property is the Waldorf’s flagship hotel and by reducing room count so drastically will weaken the brand, it reports.
It is a steep drop from a previous proposal to keep 800 guestrooms which was mooted recently.
The renovation project will be headed by Aecom Tishman and includes the creation of 350 residential condos.
"We look forward to working closely with Aecom Tishman to carry out one of the most extensive restoration and renovation projects in New York City," said Brandon Dong, managing director of the project.
