In early 2017, New York City´s iconic and historic Waldorf Astoria Hotel will be closing its door for three years as the property converts some of its guestrooms into Midtown condominiums. Approximately 1,100 of the hotel´s 1,413 rooms will be refurbished, outfitted and sold as condos while the remaining hotel rooms will receive a luxurious facelift. Since the Waldorf´s doors first opened in 1893, the hotel has seen various smaller upgrades, but after more than a century in operation, China-based Anbang Insurance Group purchased the property in 2015 and will implement much-needed improvements to the entire property. Concerns surround the 1,500 staff members who currently support the hotel´s functioning, but who will not be as essential once the majority of the hotel becomes residential. However, Anbang confirmed that even the condos will feature 5-star amenities and around-the-clock services that will require a full staff. Located on Park Avenue, just a few blocks north of Grand Central Station, the Waldorf Astoria welcomed glamorous guests including Frank Sinatra and every sitting president since Herbert Hoover.