CHICAGO-The sale is now confirmed: Sam Zell’s firm Equity Group Investments and Waldorf Astoria Hotels & Resorts, an affiliate of Hilton Worldwide, is buying the 188-room Elysian Hotel Chicago. The reported sale price is $95 million.
The new ownership plans to rebrand the property in Chicago’s Gold Coast neighborhood as the Waldorf Astoria Chicago, opening Feb. 1. The 60-floor property has only been open two years, and includes 51 condos. The property was built a joint venture of developer David Pisor and Arcapita, based in Bahrain.
"We're taking the best of the Elysian and bringing it into the world-class network of Waldorf Astoria," said John Vanderslice, global head of luxury and lifestyle brands for Hilton, in a statement. Rooms at the hotel current go for $475-$1,650 per night.
Equity Group Investments made its investment through the Zell Credit Opportunities Fund, which was established to focus on the recapitalization of over-leveraged assets and companies, and to invest opportunistically in loans and credit securities in both the real estate and corporate arenas. Robert Webster led the team at Jones Lang LaSalle Hotels that represented Elysian's original ownership in the transaction.
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