New York’s legendary Waldorf Astoria Hotel closed its doors Feb. 28, for a brief two-year renovation. The Park Avenue property, open since 1931, was once considered the tallest hotel in the world, but the historic building in Midtown Manhattan is about to undergo a substantial (and necessary) facelift.

Three years ago, the famous hotel came under the ownership of Chinese insurance company Anbang, and plans for major property renovations were part of the acquisition. The majority of the changes will involve transforming guestrooms into condominiums, particularly in the building’s two towers. The condos will go on sale after renovations have been completed. In an effort to preserve the property’s history and image, the lobby and various aspects of the interior will remain unaltered.

The Waldorf Astoria is best known for its celebrity clientele, which, over the years, included all sitting presidents, Frank Sinatra and Elizabeth Taylor.