Landmark hotel the Waldorf Astoria will emerge from a soon to begin major refurbishment a very different hotel.
The three- year project will see hotel inventory slashed by a massive 1,000 rooms in favor of residential condos.
Hotel owner Anbang said the Waldorf will then have just 350 hotel rooms compared to the current 1,413 just prior to closing in preparation for the refurb, 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.
It 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.
