News Release

Waldorf Astoria New York Enters Second Phase of Construction with AECOM Following Completion of Demolition and Pre-Construction Efforts

AECOM Tishman to serve as construction manager throughout the restoration of the legendary hotel destination

NEW YORK, NY – August 21, 2018 – Anbang Insurance Group (“Anbang”) today announced the continuation of restoration efforts at Waldorf Astoria New York, as the iconic hotel enters its second phase of construction. AECOM (NYSE:ACM), a premier, fully integrated global infrastructure firm, has been engaged through its AECOM Tishman business to oversee the construction underway to preserve and transform the property, noted as New York City’s largest private interior landmark, located at 301 Park Avenue. AECOM Tishman served as the construction manager of record for the landmarked building’s initial demolition and pre-construction phase, which began in November 2017 in preparation for new construction within the legendary hotel.

AECOM Tishman’s ongoing work includes construction throughout the building’s hotel and residential components, with completion tentatively scheduled for 2021. The property’s on-site residential sales office is also under construction at the corner of Park Avenue and 50th Street, in anticipation of the start of condominium sales next year. Anbang has also engaged the expertise of consultants to oversee the preservation of several iconic Waldorf Astoria items, including the Cole Porter piano, the World’s Fair Clock Tower, the Kennedy Rocking Chair and the MacArthur Desk.

“The Anbang team is incredibly proud of the tremendous work accomplished so far at Waldorf Astoria New York, as we now enter the next phase of the building’s historic revitalization,” said Andrew Miller, Executive Director of Real Estate Development, Anbang International (US). “AECOM Tishman has been an exceptional partner during initial construction, and we look forward to working alongside them to carry out one of the most extensive restoration and renovation projects in New York City’s history. Anbang understands the magnitude and responsibility of this project and remains committed to delivering an exceptional property befitting of the Waldorf Astoria name. We are confident that AECOM Tishman is the firm to help us do just that.”

"Waldorf Astoria New York will set a new standard for luxury and serve as the flagship property for the Waldorf Astoria brand,” said Dino Michael, Global Brand Head, Waldorf Astoria Hotels & Resorts. “Our anticipation and excitement continue to build as we work closely with Anbang and design teams on the renovation.”

Upon completion, Waldorf Astoria New York will offer approximately 350 residential condominiums, approximately 350 new hotel rooms and suites and renovated public and event spaces for guests. Architectural firm Skidmore, Owings & Merrill (SOM) is the Architect for the entire project, and interior designer Pierre Yves Rochon (PYR) is designing the hotel’s interiors and guest rooms.

“Anbang has imagined something truly spectacular for this global icon and we look forward to delivering their vision,” said Jay Badame, President of AECOM’s Building Construction business. “The city’s eastside is about to embark on a significant transformation, and this project is leading the way in redefining Midtown East.”

Waldorf Astoria New York is internationally regarded as one of the world’s most prestigious luxury hotels, serving as one of architecture’s most revered public structures. The destination was often the site of some of history’s most talked-about social and geopolitical events including The Paris Ball, International Debutante Ball, the Alfred E. Smith Memorial Foundation Dinner, political meetings during the Cold War and the hosting of numerous world leaders and celebrity guests.

Waldorf Astoria New York timeline:

  • 1893: Hotel opened on the present site of the Empire State Building
  • 1931: Opened at its current Park Avenue location
  • 1993: Designated an official New York City exterior landmark
  • 2014: Anbang Insurance Group acquired the property from Hilton Worldwide. Hilton agrees to continue to manage the property under a 100-year management agreement.
  • 2017: Numerous interior spaces within the hotel are designated as New York City landmarks, including the hotel’s historic Grand Ballroom and iconic Park Avenue Lobby.
  • 2018: Construction begins to renovate and preserve the property.
About Anbang Insurance Group
Anbang Insurance Group is a comprehensive insurance group headquartered in China, with a global network of over 35 million clients. Anbang’s business areas cover life insurance, property and casualty insurance, health insurance, pensions, banking and asset management. As a Chinese company with global vision, Anbang is well positioned to growth through the strength of our leading international business and their growth potential.

About Waldorf Astoria Hotels & Resorts
Waldorf Astoria Hotels & Resorts is a portfolio of just over 30 iconic properties that create a unique sense of place with a relentless commitment to personal service and culinary expertise in landmark locations around the world. Unified by their inspirational environments and True Waldorf Service, Waldorf Astoria hotels deliver graceful service from the moment a guest books through checkout. Waldorf Astoria is a part of Hilton, a leading global hospitality company. Experience Waldorf Astoria by booking at www.waldorfastoria.com or through the Hilton Honors mobile app. Learn about the brand by visiting newsroom.hilton.com/waldorfastoria, and follow Waldorf Astoria on Twitter, Instagram and Facebook.

 

About Hilton
Hilton (NYSE: HLT) is a leading global hospitality company, with a portfolio of 14 world-class brands comprising more than 5,400 properties with nearly 880,000 rooms, in 106 countries and territories. Hilton is dedicated to fulfilling its mission to be the world’s most hospitable company by delivering exceptional experiences – every hotel, every guest, every time. The company's portfolio includes Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio Collection by Hilton, DoubleTree by Hilton, Tapestry Collection by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, Tru by Hilton, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton Honors. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose exactly how many Points to combine with money, an exclusive member discount that can’t be found anywhere else, and free standard Wi-Fi. Visit newsroom.hilton.com for more information, and connect with Hilton on Facebook, TwitterLinkedInInstagram and YouTube

About AECOM Tishman
AECOM Tishman is one of the world’s leading builders, spanning over 100 years and responsible for managing construction of more than 600 million square feet, including iconic projects such as the World Trade Center, One Vanderbilt and Hudson Yards. As part of AECOM (NYSE:ACM), a fully integrated global infrastructure firm with offices in more than 150 countries, we connect knowledge and experience across a global network of experts to help clients solve their most complex challenges. A Fortune 500 firm, AECOM had revenue of approximately $18.2 billion during fiscal year 2017. See how we deliver what others can only imagine at aecom.com and @AECOM.

 

CONTACTS:
Anbang Insurance New York Office:
Sara Joseph, BerlinRosen, 646.693.8190

Waldorf Astoria Hotels & Resorts:
Karla Crockett, Hilton, 703.883.6857

AECOM Tishman:
John P. Gallagher, Mercury, 212.681.1380