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Been to both and they are both quite different.
Conrad had better food options, the Waldorf Astoria has a more luxurious overall feel.
I stayed in the Muraka Underwater Residence and that makes the Conrad very unique.
If I were to go back to either, I’d do the Waldorf Astoria for the ambiance.
Just do the Conrad as I can’t imagine it’s worth doing 3 nights anywhere in the Maldives, let alone the WA.
We did 7 nights and it was on the back end of a 3.5 week Asia trip, but we could easily have stayed 10 nights if we didn’t have a life to get back to in the States.