Case Studies of Housing Residences
The Waldorf Astoria has eight locations with residences available for purchase and three in development. The brand is owned and managed by the Hilton, however, each location is owned by a third-party company. The Plaza has 152 residential suites located in the world-famous New York City Plaza which have been sold as "hotel-condos" since 2008. Details of each residence brand have been provided below.
Waldorf Astoria Residences
Residence Project Overview
- The Waldorf has two main residence properties that were recently completed in New York City, which is not available for move-in yet, and Atlanta as well as six completed residences globally in Phoenix, Wailea, Jerusalem, Las Vegas, Park City, and Chicago and three planned for development in Miami, Antigua, and Dubai.
- The only development project that has announced time estimates is Antigua for 2023.
- The Hilton is the brand owner and manager of all Waldorf properties and owner of the six completed residences, however, they sold ownership of both the New York building and Atlanta Buckhead building to Angbang Insurance Group and Xenia Hotels and Resorts, respectively.
New York Residence Details
- The New York Waldorf Astoria Residences are owned and operated by the China-based Anbang Insurance Group which bought the company for $1.95 billion in 2015. The company launched the Residence project in 2017 in New York. The assets of the project are managed by Dajia Insurance Group, a subsidiary of Anbang.
- The New York Residences are designed by Jean-Louis Deniot featuring custom woodwork by Deniot and Italian design house Molteni&C and German appliances by Gaggenau. The construction was managed by AECOM Tishman and sales managed by Douglas Elliman Development Marketing and Knight Frank.
- The New York Residence has 375 residences for sale, the project began in 2017 and was expected to launch for sale in 2020, however, due to the pandemic and licensing delays, the company pushed the official release back to 2022 with a model available for viewing and units available for purchase now.
- The project cost for the New York renovations was $1 billion USD.
- Unit Prices:
- The New York Residences are marketed towards foreign pied-à-terre buyers, however, the company expects to see some variation here due to trade disputes between China and the United States. These Residences are intended to be used for long-term or permanent residency.
Atlanta Buckhead Residence Details
- In 2018, the Hilton announced the opening of the Atlanta Buckhead property which included 127 hotel rooms and 47 private residences. The property is owned by Xenia Hotels and Resorts which acquired the property in 2018 for $53.5 million.
- The building was built in 2008 by Johnny Cruz, Daniel Lobitz, Robert A.M. Stern, and Paul L. Whalen, and the residences were opened in 2018. The interior design is done by Harrison Design and supplied with Wolf and Sub-Zero appliances.
- Unit Prices range from $1.5 million to $14 million.
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Residence Project Overview
- The Plaza has one residence property in New York which is managed by the Alexander Team.
- The Plaza Hotel is owned by Katar Hospitality and managed by Fairmont Hotels & Resorts, which is owned by AccorHotels. Each residence's real-estate functions are managed by third-party real estate companies.
New York City Residence Details
- The New York City Plaza has 152 residential suites that are purchased as "hotel-condos," which means that they only own the hotel for up to 120 days per year and the unit is available for guests during the remainder of the year.
- The residential units were added to the hotel in 2005 and available for purchase starting in 2008.
- The architect of the residential project was Costas Kondylis & Partners LLP and the interior designer was Gal Nauer.
- The average unit price is $3,257 per square foot.