
New York's famed Waldorf Astoria hotel is struggling to complete its plan for converting hundreds of guest rooms into luxury residences, a process that is shaping up as one of the largest, most intricate and priciest condo conversion and hotel rebuild projects undertaken.
China's Anbang Insurance Group Co. bought the Park Avenue hotel for a record sales price of $1.95 billion in 2015, vowing to deliver some of the most luxurious and exclusive residences in the city.