Waldorf Astoria Hotel Rooms Could Be Turned Into Apartments

As much as three-quarters of Manhattan's famed Waldorf Astoria hotel could be turned into apartments, a spokesperson confirmed on Monday. Ida Siegal reports. (Published Monday, June 27, 2016)

What to Know

The Chinese firm that bought the Waldorf for nearly $2 billion in 2015 is finalizing plans to close down the 1,413-room hotel in the spring

The redevelopment could cost $1 billion

Hundreds of employees have accepted severance plans

As much as three-quarters of Manhattan's famed Waldorf Astoria hotel could be turned into apartments, a spokesperson confirmed Monday.

Anbang Insurance Group -- the Chinese firm that bought the Waldorf from Hilton for nearly $2 billion in 2015 -- is finalizing plans to close down the 1,413-room hotel in the spring to convert all but 300 to 500 rooms to luxury condominiums, according to The Wall Street Journal .

The redevelopment could cost $1 billion, people familiar with the plan told the Journal. A spokesperson for the Waldorf said no plans had been finalized.

Hundreds of employees at the hotel, which has hosted every president since Herbert Hoover, have agreed to severance packages ahead of the plan, according to the report.