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The owner of the Waldorf Astoria has released renderings of its plan for extensive renovation of the landmark hotel in an effort to restore historic features of the Art Deco building.
Anbang Insurance Group, the Chinese insurance giant that purchased the hotel for a record-setting price of nearly $2B from Hilton Worldwide Holdings in early 2015, has hired architects Skidmore, Owings & Merrill, as well as interior designer Pierre-Yves Rochan, to prepare the renderings that will now be submitted for public review to the New York City Landmarks Preservation Commission.
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Last fall, Anbang agreed to work with the LPC to restore some of the hotel's iconic interiors. A 2015 law passed by the city council prohibiting hotels with over 150 units from converting more than 20% into condos without first putting plans through a public review process specifically exempted the Waldorf Astoria.
In November, Anbang announced plans with the Department of Buildings to convert floors 14 through 44 of the hotel into 321 luxury condos. Floors five through 13 are set to remain 800 hotel rooms.
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As part of the sale agreement, Hilton will manage the hotel for the next 100 years. The Waldorf Astoria closed at the beginning of March for a three-year period to conduct the renovations, which are expected to cost around $1B.
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