New details have emerged on Anbang’s renovation and conversion of the storied Waldorf Astoria hotel. Following news just over a week ago that about 1,000 of the hotel’s rooms would be converted into condos, the Wall Street Journal now puts that figure at 1,100 rooms of a total 1,413.
What’s more, the $1 billion conversion project is expected to shutter the hotel for up to three years. Once that is complete, the renovated building will have anywhere between 300 to 500 rooms. That massive reduction in hotel rooms will also impact the hotel’s 1,500 employees. A severance agreement has been reached with hundreds of workers for about $100 million, according to WSJ.
Anbang purchased the property for $1.95 billion in October 2014. The previous owner, Hilton Worldwide Holdings Inc. will continue to manage the property after the renovation, as part of a 100-year deal.