The Waldorf Astoria New York, a hotel that has hosted presidents, Hollywood stars, and foreign heads of state since opening on Park Avenue in 1931, will close its doors on March 1 for a three-year renovation.

An Art Deco icon, the 625-foot, 47-floor building occupies an entire block of prime Park Avenue real estate. The owners, Chinese insurance conglomerate Anbang, plan to convert 1,000 of the hotel’s 1,413 rooms into luxury apartments but say the renovation will also add technology and sophistication to the beloved hotel.