Complex sentence: In 2015 it was announced that the British-based Ambassador Theatre Group would assume management of the Hudson from the hotel and convert it back into a legitimate Broadway theater, planned to be open and ready for the 2016--17 season.
Split into simpler sentences: In 2015 it was announced that the British-based Ambassador Theatre Group would assume management of the Hudson from the hotel and convert it back into a legitimate Broadway theater. The Hudson is planned to be open and ready in time for the 2016--17 season.