The Chinese insurer, which bought the New York hotel from Hilton Worldwide Holdings Inc in 2014 for USD 1.95 billion, plans to close the Waldorf for up to three years starting next spring, the report said.

It plans to convert as many as 1,100 of the hotel's 1,413 rooms into condominiums, according to the Journal. When the hotel reopens, it will have 300 to 500 guest rooms.

The plan also calls for the hotel to cut hundreds of jobs, according to the report.

Anbang could not immediately be reached for comment.

Read original article