New York’s landmark Waldorf Astoria hotel is scheduled to close in spring 2017 so owner Anbang Insurance Group Co. can begin converting most of the more than 1,400 rooms to luxury condominiums, said a person with knowledge of the plans.

The luxury hotel, managed by Hilton Worldwide Holdings Inc., is set to reopen about three years later, with about 300 to 500 hotel rooms remaining, said the person, who asked not to be identified because the plans aren’t public.

Anbang representatives didn’t immediately respond to calls for comment placed before regular business hours in Beijing, where the insurer is based. A Hilton spokesman didn’t immediately reply to an e-mailed request for comment. News of the planned spring closing was reported earlier Sunday by the Wall Street Journal.

Anbang bought the Waldorf Astoria, an Art Deco icon on Park Avenue, in February 2015 for $1.95 billion, a record price for a U.S. hotel, and has said it plans to convert most of the property to luxury condos.

©2016 Bloomberg L.P.

This article was written by Hui-yong Yu from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: Part of the lobby of the Waldorf Astoria New York. Hilton Worldwide