NEW YORK — Anbang Insurance Group Co. is closing New York’s iconic Waldorf Astoria for extensive renovations. Starting Feb. 28, the hotel will close for a period of at least two years, according to Business Insider.
Since 2014, when Anbang bought the property from Hilton Worldwide for $1.95 billion, plans for a major overhaul have been imminent. Last fall, rumours suggested that the China-based company intends to convert the majority of the property’s existing hotel rooms to private apartments. However, no official plans have been released.
Anbang has also agreed to work with the New York City Landmarks Preservation Commission to preserve some of the 85-year-old hotel’s original interior elements.