Luxury Chicago Hotel Hits another Milestone
- Jun 16, 2015
By Ioana Neamt, Associate Editor
The Waldorf Astoria hotel in Chicago’s Gold Coast neighborhood hit another milestone. Crain’s reports the luxury hotel recently sold for a record-breaking price to Laurence Geller, President & CEO of Strategic Hotels & Resorts.
According to Crain’s, current Owner Sam Zell sold the hotel for a whopping $113 million, averaging out at $600,000 per room, the highest price in Chicago’s history. The previous record is also held by the Waldorf Astoria, at $505,000 per room.
The newspaper reports that Geller is partnering with Wanxiang America Real Estate Group on the acquisition. The two companies are also collaborating on the conversion of an office building into a 287-room Conrad Hotel.
Located at 11 E. Walton St. in Chicago’s popular Gold Coast neighborhood, the former Elysian Hotel Chicago first opened its doors in 2009. The 60-story hotel was rebranded the Waldorf Astoria Chicago in 2012 and is a 2013 TripAdvisor Certificate of Excellence Award recipient. Waldorf Astoria Chicago offers guests 36 rooms and 152 suites, a deluxe spa, restaurant and a second-floor bar, according to the Liberty Voice.
Image courtesy of Hilton Worldwide