The New York City landmark will convert many guest rooms into condos.The Waldorf Astoria New York, the first hotel to offer round-the-clock room service and the birthplace of such brunch mainstays as the Waldorf salad and Eggs Benedict, will close in early 2017 for a top-to-bottom renovation that will convert more than three-quarters of the hotel’s 1,413 rooms into luxury condominiums, The Wall Street Journal reported Sunday.The storied Art Deco institution, which Chinese holdings company Anbang Insurance Group Co. purchased from Hilton’s parent group in 2015 for a record-setting sum of $1.95 billion, has hosted a number of famous guests since its opening in midtown Manhattan in 1931, including President Herbert Hoover (and every president thereafter), and has more permanently housed the likes of Frank Sinatra, Gen. Douglas MacArthur, and the Duke of Windsor, following his abdication from the British throne.The renovation, which could last for up to three years and is expected to come at a cost of nearly $1 billion, will transform about 1,100 of the hotel’s rooms into private apartments, with the remaining 300 to 500 rooms upgraded to luxury suites. The proposal will likely mean a severe slash to the hotel’s 1,500-person staff, which currently includes housekeepers, bellhops, and room service attendants. In a statement to the press, a U.S. spokesman for Anbang noted that the insurer is “currently developing conceptual plans and will share additional details once those plans are finalized.”The announcement comes after years of a slow-but-steady decline at the glitzy Park Avenue property, which has suffered from recent reports of being “expensive and outdated” with rooms that can cost upwards of $400 per night during the summer high season.Anbang CEO Wu Xiaohui reportedly made brief mention of the arrangements during a speech to Harvard students in early 2015, saying: “We plan to renovate the two towers into luxury residential apartments with world-class amenities and finishes to reflect its culture and social status. […] At the same time, we will build the hotel section into a super five-star hotel, delivering unparalleled customer experience inspired by Anbang’s customer-orientation culture.” The hotel-to-housing flip isn’t the city’s first: In 2007-8, Israeli-owned real estate company Elad Properties performed a partial hotel-to-condo conversion at the historic Plaza Hotel, hoping to make big bucks off the pedigree of the legendary property.It remains to be seen if the Anbang group can turn a profit on the Waldorf name alone, or if it will someday struggle to fill its storied suites. It’s also not clear if they have an “Eloise from hell” of their own who will eventually need to be evicted.