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Waldorf gets revamp with $1b makeover

Chinese owners transform icon into condo-hotel to revive its former glory

New York's famed Waldorf Astoria Hotel is undergoing a $1 billion renovation by its new Chinese owners who have repurposed the hotel and look to revive its former glamour.

The iconic building located on Park Avenue in midtown Manhattan was closed two years ago to commence its transformation into a condo-hotel hybrid by its new owner Anbang Insurance Group. Dajia Insurance Group took over the assets of the defunct Anbang earlier this year.

Since Anbang purchased it in 2015 for $1.95 billion, the hotel has been painstakingly transformed. In addition to 375 hotel rooms, some rooms have been overhauled to create 375 condos.