New York’s well-known Waldorf Astoria is about to receive a major revamp, as Chinese owner Anbang Insurance Group plans to convert as much as three-quarters of the hotel’s rooms into apartments—totaling up to 1,100 rooms. The property could be closed for up to three years while the renovation takes place, reopening with 300 to 500 guestrooms. Anbang, which also made waves when it attempted to acquire Starwood earlier this year, purchased the hotel from Hilton Worldwide in 2014 for $1.95 billion. The company expects to cut hundreds of jobs when the hotel reopens. The conversion will reportedly cost $1 billion. To read more, click here.