Waldorf Astoria, managed by Hilton Worldwide Holdings, is set to reopen about three years later, with about 300 to 500 hotel rooms remainingAnbang Insurance Group Co. bought the Waldorf Astoria, an Art Deco icon on Park Avenue, in February 2015 for $1.95 billion. Anbang bought the Waldorf Astoria, an Art Deco icon on Park Avenue, in February 2015 for $1.95 billion, a record price for a US hotel, and has said it plans to convert most of the property to luxury condos. Photo: BloombergSeattle: New York’s landmark Waldorf Astoria hotel is scheduled to close in spring 2017 so owner Anbang Insurance Group Co. can begin converting most of the more than 1,400 rooms to luxury condominiums, said a person with knowledge of the plans. Anbang representatives didn’t immediately respond to calls for comment placed before regular business hours in Beijing, where the insurer is based. News of the planned spring closing was reported earlier on Sunday by the Wall Street Journal.

Source: Mint June 27, 2016 08:03 UTC