Waldorf Astoria to lose about 1,000 rooms in three-year renovation

The Waldorf Astoria hotel will convert many of its guest rooms into residential units over the course of a three-year renovation, which began this spring with the hotel shutting down operations.

The hotel’s owner, Anbang Insurance Group, confirmed to the New York Post that the renovated Waldorf will have 350 condos and 350 hotel rooms — the latter of which is ruffling feathers at Hilton. Sources told the Post that the hospitality company had not been anticipating such a large cut to the number of guest-rooms, which stood at 1,413 rooms before the renovation began.

Hilton, the hotel’s former owner, has a 100-year operation agreement for the iconic Park Avenue Waldorf and operates about 30 properties under the brand worldwide. According to the Post, the operator is concerned that downsizing the brand’s flagship could cause its other properties to falter.

Anbang doesn’t seem to be concerned; the Chinese holding company has engaged AECOM Tishman to manage the renovation and secured permits for construction. Work is to begin in the coming weeks.

[NYP] — E.K. Hudson