Chinese Owner to Privatize the Waldorf

Iconic New York hotel to be condo-ized.

Iwaldorf-new-logon London, the landmark Hotel Savoy underwent a three year, $354 million refit including new crystal chandeliers, gold leaf and polished marble floors, while the city’s exclusive Hotel Connaught has been renewed to the tune of £70 million, including a new wing with an Aman Spa.  In Paris. the splendid public rooms of the Four Seasons George V remain unchanged, while the 245 guest rooms have been brought into the 21st century.

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Meanwhile, in New York, where greed rules, the legendary Waldorf-Astoria is slated to be closed next spring and many/most of its 1,413 rooms turned into pricy condominiums. In a real twist of irony, the owner is Anbang Insurance, located in the Communist-in-name-only People’s Republic of China. Cost to purchase the hotel: $1.9 billion. The plan to condo-ize it is an ultimately capitalist move. New York’s legendary Plaza Hotel underwent such a conversion — good for investors and condo owners but said for the city.

Even though the mother ship will close, the Waldorf’s prestigious name presumably will live on  dozen resort hotels from Florida to Hawaii, two in China, two in Puerto Rico, five in Europe, three in the Middle East and one in Panama. Also the Waldorf Towers, a luxury residential tower,  in New York is slated to remain open. For now, at least.