Manhattan’s iconic Waldorf Astoria Hotel, which has been “temporarily” closed since February 2017, will not reopen until at least 2025, sources told The Post.
The ongoing delays to reopen the art-deco jewel is a continued black eye for the Hilton brand — which is launching“Waldorf Astoria”-named properties around the world while the flagship remains a construction zone, sources said.
“They just started work on it,” one insider said, referring to the hotel portion of the larger job, which involves converting much of the landmark building at 301 Park Avenue to luxury condos.
A Hilton spokesperson vowed the renovations will be done by next year.
“The property is expected to reopen in the second half of 2024” and “serve as the flagship for our entire Waldorf-Astoria brand,” the rep told The Post on Wednesday.
But two construction sources doubted the target date — especially after earlier predictions that the hotel would reopen in 2019, 2021, 2022 and this year proved premature.
“We’re lucky if it’s 2025,” one of the sources said.
There is still plenty of work left to do before guests can book a luxury suite or a table for the hotel’s famous Sunday brunch.
The Waldorf has been a mainstay of the city’s celebration fabric since 1931.
It has played host to US presidents, European royalty, Hollywood stars and captains of industry. Composer Cole Porter lived there until his death in 1964.
His famous piano stood in the lobby outside Peaco*ck Alley up until the time of the closing.
Now, glimpses of parts of the ground floor revealonly a raw space.
Hilton itself seems unsure about the timing of the reopening.
Several former employees spottedonline job postings for positions, including for an HR director, but they’re apparentlyout of date.
Sources said that Hilton suits were “livid” that their supposed flagship remains in limbo.
The spokesperson didn’t respond to questions about friction over the continued delays.
Industry insiders blame the repeatedly delayed reopening on foreign ownership entities that have bungled a difficult job, they said.
China’s Anbang Insurance — a holding company with little real estate experience — bought the Waldorf Astoria for $1.95 billion in 2014.
It later closed the hotel to make way for the partial conversion to condos, with price tags up to $18 million.
Hilton Worldwide signed a100-year contract to manage the Waldorf Astoria in 2014.
Landmark restorations are challenging.
Yet, the Plaza Hotel, also a landmark, reopened only three years after it was purchased by Israeli-based Elad Properties in 2005 and partly converted to condos.
The re-launched Waldorf hotel is to have 375 guest rooms, down from the original 1,400 — although new rooms and suites will be twice as large as the original ones.
The 352 planned condos will take up the larger share of the building.
But construction, which sources said has already cost more than $2 billion, was cursed from Day One.
Interior work proved to be more complicated than first expected.
Anbang was thrown into disarray in 2018 when chairman Wu Xiaohui was sentenced to 18 years in prison in China on corruption charges.
The Beijing government set up a new company, Dajia Insurance Group, to take charge of Anbang’s overblown US portfolio.
Work was further slowed bythe pandemic.
Then, in a crucial blow to progress, the American executive in charge of the conversion project, Andrew Miller, quit last April over the delays and cost overruns.
The Waldorf rep didn’t say who had replaced him.
Miller’s exit camejust weeks after he told lifestyle magazine EQ that Dajia “embraced a profound responsibility as the stewards of the Waldorf Astoria to bring an unmatched residential product to the New York City market.”
Dajia now plans to sell $1.3 billion of its other US properties, the Wall Street Journal reported in September, including the JW Marriott Essex House on Central Park South.
Dajia has spent a fortune advertising the Towers of the Waldorf Astoria Park Avenue Residences.
Sources said the units were being aggressively marketed to Chinese citizens and business owners seeking safe havens for wealth in the US.
It was not known if any purchases have closed.
Representatives for Dajia could not be located.
Certainly! From the detailed information provided, let's break down the key concepts involved in the article about the Waldorf Astoria Hotel:
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Waldorf Astoria Hotel Closure and Reopening Delays: The iconic Manhattan hotel closed in 2017 for renovations and conversion to luxury condos. Despite several promised reopening dates, including 2019, 2021, and 2022, delays have persisted. The current projected reopening is uncertain, with estimates ranging from 2024 to as late as 2025.
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Renovation and Conversion Project: The closure involves a significant transformation of the landmark building into luxury condos while maintaining a portion as a hotel. The renovations aim to reduce the number of guest rooms from the original 1,400 to 375 larger rooms and 352 planned condos.
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Ownership and Management Issues: Anbang Insurance, a Chinese holding company with limited real estate experience, bought the hotel in 2014. However, the company faced challenges, including the arrest of its chairman on corruption charges, leading to the formation of Dajia Insurance Group to manage its US portfolio. The departure of key executives, including Andrew Miller, further contributed to project setbacks.
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Cost Overruns and Challenges: The renovation project, which has cost over $2 billion, faced complications from the beginning, with interior work proving more complex than anticipated. The pandemic and executive departures added to the project's woes.
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Market Strategies and Sales Efforts: Dajia Insurance aggressively marketed the condos, especially targeting Chinese investors seeking secure investment options in the US. They plan to sell other US properties, including the JW Marriott Essex House, to alleviate financial pressures.
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Historical Significance and Cultural Impact: The Waldorf Astoria has a rich history, having hosted various dignitaries, celebrities, and cultural icons since its establishment in 1931. Its closure and renovation mark a significant transition for the iconic hotel.
This situation is an intricate blend of real estate, hospitality management, financial complexities, cultural heritage, and international business intricacies. The challenges faced by the Waldorf Astoria highlight the complexities inherent in landmark restorations, foreign ownership, and the integration of luxury real estate within a historic hospitality space.
