The development team behind the revamp of New York’s landmark Waldorf-Astoria Hotel will start construction in December and will slash the number of rooms from 1,413 down to 350, according to reporting from the New York Post.
Much of the leftover space will be used for 350 residential condos, the Post reported.
Waldorf’s owner, Chinese insurance company Anbang, also announced that Aecom Tishman would take the lead on renovation as the legendary hotel morphs into its new hotel-condo hybrid concept.
According to the New York Post, the hotel-room count has been a major bone of contention between Anbang and Hilton, which has a 100-year management agreement to operate the hotel.