NYC's Waldorf Astoria to undergo condo makeover

• New York's landmark Waldorf Astoria hotel plans to close for up to three years starting next spring so owner Anbang Insurance can begin converting most of its more than 1,400 rooms into luxury condominiums, WSJ reports.
• Anbang and Hilton Worldwide (NYSE:HLT), which will continue to manage the property when it reopens, are said to have reached severance agreements with hundreds of the hotel's 1,500 employees at a cost of $100M or more.