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.
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The hotel was restored to its art deco origins and features a 30,000 square-foot spa and a 43,000 square-foot ballroom for meetings and events.
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The Waldorf Astoria began taking reservations on Dec. 10, 2024, for stays that will begin sometime in spring 2025, the hotel said.
A couple of Miami luxury hotels are planning major projects that will require the properties to shut down, one for major renovations and another for a complete rebuild.
Gencom, a U.S. hotel and residential investment firm, revealed that it will close its 291-key Ritz-Carlton Key Biscayne in Miami in May 2025 for a $100 million renovation of the resort that will include major upgrades to the guestrooms, food and beverage services, public spaces, and guest amenities, according to a January 2024 statement.
Ritz-Carlton Key Biscayne to lay off 425 workers
The Ritz-Carlton Key Biscayne on Feb. 24, 2025, submitted a Worker Adjustment and Retraining Notification notice with the State of Florida, revealing its plans to lay off 425 workers at the hotel beginning on May 1, 2025.
Mandarin Oriental, Miami, is preparing to close its property and lay off about 430 employees ahead of a demolition and redevelopment project.
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Miami luxury hotel prepares for demolition
And now, iconic luxury hotel Mandarin Oriental, Miami, is preparing to close its property and lay off about 430 employees ahead of a demolition and redevelopment into Swire Properties’ new luxury residential/hotel complex on Brickell Key, the man-made island in Biscayne Bay near Downtown Miami.
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Mandarin Oriental, Miami, on March 28 filed a Worker Adjustment and Retraining Notification notice with the State of Florida, asserting that it will close the hotel on May 31, 2025, terminate 430 employees through Sept. 30, 2025, and permanently eliminate those positions.
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A spokesperson for Hong Kong-based Swire, however, said the Mandarin Oriental, Miami, would close its doors later in April, according to Hotel Dive.
A Swire spokesperson did not immediately respond to an email request for comment.
Residences at Mandarin Oriental, which plans to open in 2030, will feature an 850-foot South Tower with 228 luxury private residences and a North Tower, rising over 400 feet and featuring 121 hotel rooms, 66 private residences with two penthouses, and 28 turnkey hotel residences.
The project will include 11 swimming pools and a poolside lounge; a wellness oasis with hot tub, cold plunge, and waterfront private cabanas; a hammock garden and meditation spaces; forest yoga lawn; private tea and dining pavilions; exclusive indoor private dining room with indoor and outdoor seating, a chef’s kitchen, world-class restaurants led by top-tier culinary talents and a wine cellar; sports and recreation offerings; spa and wellness services; and hospitality-focused concierge service.
Residential presales for the project, with prices starting at $4.9 million, reached $800 million in sales by Feb. 5, 2025.
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