NEW YORK, NY - JUNE 27: New York's landmark Waldorf Astoria Hotel sits in midtown Manhattan on June 27, 2016 in New York City. China's Anbang Insurance Group, which recently purchased the Waldorf from Hilton Worldwide Holdings in 2014 for $1.95 billion, has announced plans to convert as much as three-quarters of the rooms into apartments. The insurer will close the Waldorf for up to three years starting next spring for the renovation. (Photo by Spencer Platt/Getty Images)
