One of the most iconic hotel properties in New York, The Waldorf Astoria hasn't housed a single guest since its Chinese ownership decided to shutter the building in 2017 and convert a significant portion of its rooms into luxury condos.
Six years later, there has been some recent movement on the property, including recently approved plans for a revamped ballroom space, but the most up-to-date timeline still doesn't call for the property to reopen until 2025.
Here's what you need to know about the world famous hotel and its path to reopening.
Key Facts
- The Waldorf Astoria was sold by Hilton in 2014 for $1.95 billion to China-based Anbang Insurance agency with Hilton signing a 100-year deal to maintain the branding and operations of the property.
- The 47-story building is located at 301 Park Ave.
- Hilton's Waldorf Astoria Hotels & Resorts brand now has a portfolio of 34 hotels across the globe, including the New York hotel.
- The hotel closed in 2017 for renovations and is converting a large amount of the hotel's space into 375 luxury condos, which were reported to cost in the range of $18 million a piece for buyers. At the time of closure, the property had more than 1,400 guest rooms but is expected to reopen with just 375.
- Immediately after the hotel's closure, the New York City Landmarks Preservation Commission unanimously voted to protect "several interior spaces."
- The Waldorf Astoria is now owned by Beijing-based Dajia Insurance Group, a financial group created after the Chinese government took over the financially troubled Anbang Insurance Group and the company's chairman was arrested under corruption charges. Dajia has been steadily selling off its other hotel assets.
History
What's New?
In early 2023, company executives announced the property will not reopen until 2025 at the earliest. Previously it was suggested the hotel could reopen in 2024.
Most recently, the Landmarks Preservation Commission unanimously approved plans in August to change the hotel's grand ballroom, one of the several protected spaces on the property.
The New York Post reported in 2022 that costs for the projects have ballooned to roughly $2 billion, twice the original estimate.