Look's like New Yorkers will all have to flock to The Plaza now that our other favorite luxury hotel will be out of commission.

An anonymous insider has recently revealed that the owners of the Waldorf Astoria plan to shut down the landmark hotel in spring of 2017.

The reason behind the sudden closing? The plan is to convert around 1,000 of the hotel's highly-sought-after rooms into luxury condominiums.

While there's no exact deadline for this construction to wrap up, it's expected that this major change may take up to three years to complete.

Upon reopening, approximately 300-500 rooms will be available as regular hotel rooms - with the rest of the rooms being up on the market as condominiums.

Details of the hotel's closure and the duration of said closure will be coming soon, says Anbang Insurance, the company that owns the Waldorf Astoria.

While this closure sure puts a dent in our life/squad goals of eventually making enough money to spend a night at the Waldorf Astoria, it shouldn't come as much of a surprise.

[anad]

When Anbang bought the Waldorf Astoria in February of 2015 they made it very public that their plan was to convert most of the hotel into several luxury condominiums—now they're finally putting that plan into action.

If these plans prove true we still have about nine months left of the Waldorf Astoria the way we know and love it. We're holding out hope that we'll be able to get one last reservation in before spring of 2017.

*Update as of November 15th, 2016: It's official. According to The Real Deal, as of November 10th, Anbang Insurance Group has filed plans for this massive renovation, including $100 million severance for the Waldorf Astoria's staff of 1,500, that would turn more than 500 rooms into roughly 321 apartments.

The hotel will close February 28th, 2017 for renovations.*

[via Bloomberg] [Feature Image Courtesy Instagram]