Big Severance Payout for Workers at Posh Waldorf Astoria Hotel

Workers at New York's famed Waldorf Astoria Hotel who are losing their jobs in a partial condominium conversion will get severance payouts averaging more than $142,000.

The New York Times reports that a few employees will be eligible for more than $300,000. The deal was negotiated by their union, the Waldorf's owners and Hilton Worldwide. Hilton operates the Waldorf.

China's Anbang Insurance Group bought the Waldorf Astoria for $1.95 billion this year. The company said it planned to convert part of the building into high-end condominiums while maintaining a smaller five-star hotel.

Under the terms of the deal negotiated by the New York Hotel and Motel Trades Council, employees will receive 29 days of pay per year they worked, or 58 days if they are tipped employees.