NEW YORK — The iconic Waldorf-Astoria hotel will close its doors next spring in preparation for a massive overhaul that will see up to 1,100 of the 1,413 rooms turned into apartments.

The hotel’s owner, China’s Anbang Insurance Group, estimates the project will take three years. When the property re-opens it will have 300 – 500 hotel rooms.

Anbang was the spurned suitor for Starwood Hotels & Resorts this spring. Anbang bought the Waldorf-Astoria from Hilton Worldwide Holdings in 2014 for US$1.95 billion.