Is the Waldorf Astoria’s condo conversion in jeopardy? The Chinese government’s takeover of the Anbang Insurance Group Co., the developer behind the Waldorf conversion, has raised serious questions about the future of the project.
The Wall Street Journal examined these concerns in a recent story about the impact of the government’s takeover on Anbang’s U.S. investments, which include several hotels across the country. In Manhattan, Anbang also owns the Essex House Hotel, in addition to the Waldorf Astoria.
The Chinese government announced last week that it was taking control of the company over suspicions that its chairman had participated in illegal fundraising and abused his power. The government is now considering selling Anbang’s many U.S. investments, and investors are worried that the Waldorf Astoria might be one of them.
Representatives at Anbang however have ensured investors that they plan to hold on to the hotel, and continue the conversion, according to the Wall Street Journal.
The Waldorf Astoria shuttered for a three-year renovation and condo conversion last March. A revised conversion plan unveiled in November last year revealed that there would be 350 condos and 350 hotel rooms at the end of the conversion.