It's 2016, and boy are the times really changing! It seems like so many of our favorite nostalgic locations that hold so much history, are constantly being demolished or renovated in order to keep up with the digital era. Sadly, New York will soon be seeing some major changes to one of its most famous landmarks.

Located on Park Avenue, the Waldorf Astoria has become one of the most well-known luxury hotels in the world.

The original Waldorf Astoria hotel was built in 1893, where you'll now find the Empire State Building. While many will tell you that the original hotel was the most luxurious place to visit in the world, the current hotel has also earned quite the reputation. Built in the fall of 1931, the Waldorf Astoria remained the world's tallest and largest hotel until 1963!

President Herbert Hoover even went on the radio from the White House to sing the hotel's praises.

Like so many of you already know, this New York City hotel has so many historical ties. Not only have there been numerous United States presidents to visit the Waldorf Astoria, the hotel has also welcomed royalty from across the entire world. Queen Elizabeth II even stayed at the hotel in 1957 during her very first trip the United States.

In 1993, the hotel was made an official New York City landmark.

To date, the hotel has now expanded its luxury across the world and has over 25 locations.

The Waldorf Astoria is so much more than a hotel, in many ways the New York landmark has become a living museum.

Inside of the hotel you'll get to see so much of its fascinating history. In the lobby you'll find pieces of the hotel's history displayed, something every New Yorker should see at least once! You'll instantly be brought back in time.

To check out some incredible footage of the hotel from 1942, watch the clip below:

Recently, New Yorkers received some heartbreaking news on the future plans for this historic hotel.

Back in 2014, the hotel was sold to a Chinese buyer, Anbang Insurance Group. In late June of this year, the Wall Street Journal would report that the newest acquirer of the hotel was finishing plans for a major renovation.

To read the full article from the Wall Street Journal, click here.

The renovation plans would close to hotel for three years, turning more than 1,000 of its rooms into private condos.

The hotel currently has 1,413 rooms, meaning that nearly all of the current rooms of the hotel would be gone. Along with the loss of the historic rooms, hundreds of hotel jobs are said to be eliminated once the major change takes place. The cost of doing all of this work that's going to break the hearts of so many? More than one billion dollars. Yes, b as in boy.

When Anbang Insurance Group purchased the property, it was the most expensive hotel price that the United States has ever seen. Curious what kind of pretty penny they actually paid? Oh just a mere $1.95 billion dollars.

If all continues, the hotel will be shut down in the spring of 2017 for a total of three years.

While the luxury hotel is something many of our residents can't afford to experience, there is an overall understanding of the historical significance to the Waldorf Astoria and what it means as a landmark. The news of its future plans has saddened many New Yorkers. The hotel has been home to Marilyn Monroe, the set of some of your favorite TV shows and movies, like The Sopranos and many others.

Never seen what the inside of this historic hotel looks like? Watch the video below to get a tour of the Waldorf Astoria:

How heartbreaking. Interested in finding out more about this New York City hotel? Click here, to read about what's eerie and hiding beneath the hotel!