CHICAGO-Sam Zell's firm has purchased the Elysian Hotel, a 188-room hotel in the Gold Coast, with plans to transform it into a Waldorf Astoria. A joint venture between McLean, Virginia-based Hilton Worldwide Inc., Chicago-based Equity Group Investments and the principals of the hotel has acquired the property at 11 E. Walton St.
Sources said that a Zell-led fund agreed to pay nearly $95 million or about $505,000 per room for the hotel. The property will be renamed as the Waldorf Astoria Chicago. For the full story, go to Crain's Chicago Business .
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