The Real Deal New York

Hilton to revamp Waldorf Astoria retail

Street-level commercial space expected to generate $6M annually

May 09, 2014 04:00PM

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The Waldorf-Astoria at

The Waldorf-Astoria at 301 Park Avenue

Hilton Worldwide is planning a retail upgrade at its landmark Waldorf Astoria Hotel, company president and CEO Christopher Nassetta announced during a May 9 conference call.

Construction on the upgrade, which would reposition the property to add more than 10,000 square feet of street-level space, is slated to begin by the end of the year and be completed by the first half of 2015, SNL reported. The company also plans to add several timeshares to the property on two floors of underused penthouse space. That project is also slated for completion by the first half of 2015.

The company expects to generate around $6 million from the retail space, Nassetta said, though he added the company’s plans for the Waldorf are not yet complete.

“Trust me, we spend a significant amount of time focused not he Waldorf,” he said during the call. “As I mentioned on the last call, we are deep into the weeds in figuring out the best way to maximize the value of the Waldorf. We think there is a huge amount of value there that is untapped.” [SNL]Julie Strickland

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