Waldorf Astoria New York to close for three years and reopen as condo property

The iconic Waldorf Astoria New York, whose legacy includes the introduction of door-to-door room service and the invention of the Waldorf salad and Eggs Benedict, is set to close its doors early next year for a three-year renovation -- and a major chapter in its 100-plus year history.

New details have emerged about the future of the New York City landmark including a massive renovation which will convert most of its hotel rooms into luxury condominiums, reported The Wall Street Journal.

Anbang Insurance Group, a Chinese insurance company, acquired the historic property for $1.95 billion in 2014, making the deal the most expensive hotel sale in the US.

Their vision for the hotel, which takes up a full city block in Manhattan, will transform the majority of its 1,413 rooms into residential condos and leave 300 to 500 rooms to continue operating as hotel accommodations.

The closure marks the end of an illustrious chapter in the hotel's history, which dates back to 1893. The building has boasted titles like the tallest and largest hotel in the world in 1931 and became an official New York City landmark in 1993, joining other major icons like The Empire State Building and the Brooklyn Bridge.

The hotel has hosted a bevy of luminaries that includes actors, singers and heads of state, from Marilyn Monroe, Grace Kelly, Frank Sinatra, to Winston Churchill and US Presidents Dwight Eisenhower and Herbert Hoover.

Likewise, John F. Kennedy and Jacqueline Kennedy chose to spend part of their honeymoon at the Waldorf.

The property has also played starring roles in Hollywood movies, including "The Godfather III," "Serendipity," "Scent of a Woman," and "Maid in Manhattan."