Waldorf Astoria, Hotel Union Reach $149M Severance Deal

Waldorf Astoria Hotel In New York City, Bought By Anbang For $1.95B In 2014

The Waldorf Astoria's owners have reached a $149M severance agreement with the hotel's union workers, a deal that allows management to continue its push to convert portions of the historic property into luxury condos. Richard Maroko, general counsel of the New York Hotel and Motel Trades Council, the union representing 1,221 Waldorf workers, told the New York Times that the severance package is the largest the union has ever negotiated. The average union severance package provides a worker four days of pay for ever year worked; the deal ups that to 29 days per year worked or 58 for workers who receive tips. Some of the employees will see payouts of greater than $300k. One will get $656,409.68. The average payout will be $142k. The Waldorf Astoria and the union had been at odds since earlier this year, when Anbang Insurance Group, a Chinese firm, bought the iconic hotel for $1.95B. [NYT]

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