The world's most expensive hotel is about to close its doors for up to three years. New York's legendary Waldorf Astoria is about to go an incredible transformation, as the majority of its rooms will be transformed into condominiums. Purchased last year for $1.95 billion by Chinese insurance group Anbang, the new owners will turn 1,100 rooms into condos while the remaining 300 to 500 rooms will operate as a smaller luxury hotel. The conversion will cost up to an additional $1 billion. "To achieve the high value-creation, we plan to renovate the two towers into luxury residential apartments with world-class amenities and finishes," said the firm's chairman Wu Xiaohui. "At the same time, we will build the hotel section into a super five-star hotel, delivering unparalleled customer experience." Click here for more.