Real Estate: NYC’s Waldorf Astoria Hotel Converting to Condos
New York’s landmark Waldorf Astoria Hotel to close in the Spring of Y 2017 so owner Anbang Insurance Group Co. can begin converting most of the more than 1,400 rooms to luxury condominiums.
The luxury hotel, managed by Hilton Worldwide Holdings Inc. (NYSE:HLT) is set to reopen in Y 2020, with about 300 to 500 hotel rooms remaining.
News of the planned Spring closing was reported earlier Sunday by the WS-J.
Hilton referred questions to Anbang.
Anbang bought the Waldorf Astoria, the Art Deco icon on Park Ave, in February 2015 for $1.95-B, a record price for a US hotel, and has said it plans to convert most of the property to luxury condos.
|HeffX-LTN Analysis for HLT:||Overall||Short||Intermediate||Long|
|Neutral (0.07)||Neutral (0.12)||Neutral (-0.12)||Neutral (0.22)|
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