New York’s Waldorf Astoria Finds Rocky Path to Condo Conversion
Costs now are expected to rise to more than $2 billion; American executive at Chinese owner Dajia leaves
The Waldorf Astoria hotel in 2017, when it closed for renovations. The project is trying to finish before the end of next year. AFP
New York’s famed Waldorf Astoria hotel is struggling to complete its plan for converting hundreds of guest rooms into luxury residences, a process that is shaping up as one of the largest, most intricate and priciest condo conversion and hotel rebuild projects undertaken.
China’s Anbang Insurance Group Co. bought the Park Avenue hotel for a record sales price of $1.95 billion in…
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