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For more WORLD NEWS "SUBSCRIBE" US Tokyo's iconic Okura hotel has closed ahead of its demolition and redevelopment for the 2020 Olympics. The hotel is considered a modernist masterpiece and a perfect representation of 1960s Japanese style. A pair of glass towers designed by Yoshio Taniguchi, son of the Okura's original architect, will replace it. Built in 1962, the hotel has been favoured by world leaders, celebrities and was even James Bond's preferred abode in You Only Live Twice. US President Barack Obama joined a roll call of other US leaders when he stayed there in 2009. A farewell concert was held in the hotel's lobby on Monday. The main building will be torn down next month but an annex will remain open. The hotel's management say that the redevelopment is necessary for the hotel to keep its five-star rating. The new hotel will have 510 rooms housed in towers reaching 41 storeys. It is due to open in 2019.