Courtesy; The Waldorf Astoria New York

Courtesy; The Waldorf Astoria New York

One of New York City’s famed luxury hotels is getting a new life.

USA Today reports that the Waldorf Astoria will temporarily close in 2017 to turn some of the property’s rooms into condos.

In 2014, a China-based insurance company purchased the hotel. Further details of the renovations have not yet been released, though it’s rumored that as many as 1,100 rooms could be gutted.