The doors of the the Waldorf-Astoria, arguably the world’s most iconic hotel, will close for up to three years while its new Chinese owners turn the majority of its rooms into luxury condos, reports THE DAILY MAIL.

The classic interior of this famous New York building may be unrecognizable when it reopens, reports The Wall Street Journal.

Of the 1,413 hotel rooms, all but 300 to 500 will remain and the rest will be turned into luxury condominiums.

The Anbang Insurance Group Co, a Chinese company bought it for a record $1.95 billion in 2014, the highest ever for a US hotel, reportedly plans a complete overhaul. It is expected to be closed and gutted in spring 2017.

The Waldorf Astoria is one of the most famous hotels in the world.

All the company would say about the Waldorf’s future was: ‘We continue to explore all options. We have no definitive plans at this time,’ according to the WSJ.

When the Art Deco building, designed by architects Schultze and Weaver, on Park and Lexington reopens around 2020, it will have renovated its 1,413 hotel rooms, keeping only 300 to 500 luxury guest hotel rooms, and the others will be turned into private residences, sources told the outlet.

The Anbang Insurance Group Co. also reportedly paid out $100 million in severance packages to hundreds of hotel employees who will lose their jobs in the face of the closing.
That’s on top of the astronomical price tag the company paid for the property and the $1 billion it is expected to shell out in renovation costs. Read more at THE DAILY MAIL.