Iconic Miami luxury hotel faces closing, layoffs and demolition
The Miami luxury hotel revealed that it will close and lay off its employees beginning May 31, 2025.
Competition among luxury hotels and the need to be the newest and most modern product on the block has resulted in the redevelopment of some of the most classic and iconic properties in the industry.
The historic luxury hotel Waldorf Astoria New York, which first opened in 1931 on Park Avenue, closed in March 2017 to begin an extensive renovation project to convert the 44-story, 1,400-room hotel into 375 luxury private residences and a 375-key boutique hotel.