Classic Waldorf hotel to be gutted, up to 1,100 rooms turned into condos

Anbang, acquirer of the NY landmark, is finalising plans to convert some rooms into apartments

The Chinese acquirer of the Waldorf Astoria is finalising plans for an extensive overhaul that would shut the landmark New York hotel for up to three years and convert as many as three-quarters of its rooms into private apartments, people familiar with the matter said.

Anbang Insurance Group Co’s restoration plan calls for closing down the 1,413-room property in the spring, removing as many as 1,100 hotel rooms and eliminating hundreds of hotel jobs, the people said.

When the Waldorf reopens, the hotel will feature between 300 and 500 guest rooms upgraded to luxury standards, the people said.