The Waldorf Astoria New York will shut down next spring so that many of the rooms can be converted to luxury condominiums.

The hotel’s owner, Anbang Insurance Group, would not disclose how many rooms would become condos. Also, the hotel will be renovated.

Bloomberg News reported that Anbang will take three years to redevelop the property with between 300 and 500 hotel rooms and an unspecified number of condos. The property currently has 1,416 hotel rooms.

Anbang acquired the landmark Manhattan property from Hilton Worldwide last year for $1.95 billion. It had said that the property would receive a “major” renovation while granting Hilton a 100-year management contract.

The hotel dates to the late 19th century. The original Waldorf opened in 1893, and the Astoria was built next door four years later. The hotel shuttered its original location in 1929 to clear space for the Empire State Building and reopened at its current Park Avenue location in 1931. Hilton has managed the property since 1949.

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