Anbang to Close Iconic Waldorf Astoria for Renovations

The Waldorf Astoria will close its doors for up to three years as 1,000 rooms are converted to private apartments.

Chinese acquirer Anbang Insurance Group—the company that unsuccessfully bid on Starwood Hotels & Resorts—plans to upgrade 300 to 500 guest rooms to “luxury standards” and sell the remaining units as condominiums, the Wall Street Journal reported, citing sources close to the matter. The new condos will account for more than three-fourths of the hotel’s 1,413 rooms. The project’s expected to cost more than $1 billion.

Hilton Worldwide Holdings Inc. will continue to manage the property when it reopens.

Anbang hasn’t provided specifics of the overhaul, but said they will share additional details “once those plans are finalized.” It plans to close the hotel in spring 2017.

The group bought the Waldorf last year for a record $1.95 billion. Anbang walked away from a $14 billion takeover of Starwood because of “various market considerations.”

Taking up Park Avenue, the landmark hotel opened in 1931 and quickly became known for lavish parties and high-profile guests, including the Duke of Windsor, Frank Sinatra and Winston Churchill. President Herbert Hoover resided there after his retirement, and every president since has stayed there.