Waldorf Astoria hotel has hosted the richest and most famous people in the world. The 86-year-old hotel, bought by China's Ambang Insurance Group, closed its doors in March for a major renovation project. The first building of Waldorf Astoria was erected in the late 19th century and demolished in 1929.

Waldorf Astoria New York was built on Park Avenue between 49th and 50th streets. For 30 years, 190-meter skyscraper was considered to be the highest hotel in the world. This hotel was the world's tallest hotel from 1931 until 1963, when it was surpassed by Moscow's Hotel Ukraina by 7 metres.

Until now, Waldorf Astoria has been one of the most prestigious and expensive hotels in the world. The hotel hosted various receptions, conferences, business and political events with the participation of wealthy people.

Conrad Hilton, the founder of the famous hotel chain Hilton Hotels, acquired management rights to the hotel in 1949. It underwent a $150 million renovation in the 1980s and early 1990s. In October 2014 it was announced that the Anbang Insurance Group of China had purchased the Waldorf Astoria New York.

Several of the luxury suites are named after celebrities who lived or stayed in them such as The Cole Porter Suite, the MacArthur Suite, the Churchill Suite, and others.

The most expensive room is the Presidential Suite. It was the residence of the 31st American President Herbert Hoover from his retirement for over 30 years. Frank Sinatra kept a suite at the Waldorf from 1979 until 1988.

In 1968, British rock band The Who checked into the hotel, where they encountered difficulties with the staff. The Who were banned from the hotel, but the ban was later revoked.

In the mid-1970s, the Palestinian leader Yasser Arafat became one of the famous guests, who lived in Walldorf Astoria. Queen Elizabeth II and her husband Prince Philip also stayed there.

In 1963, Time magazine celebrated its 40th anniversary at the hotel. The event was attended by some 1,500 celebrities, including General Douglas MacArthur, Jean Monnet, Bob Hope, Edward Kennedy, and Henry Ford II.

When the building reopens, it will still have a hotel, but hundreds of its 1,400 guest rooms will have been converted into privately-owned condominiums, according to a spokesman for the Anbang Insurance Group.

The renovation of the famous skyscraper can take two or three years. Currently, travelers can stay at other Waldorf Astoria hotels. Similar hotels are available in major cities in the US, France, Israel, Italy, and other countries.