Wanted: New Owner and New Name For the Elysian; GreenChoice Bank Sets Foot in Chicago

By Veronica Grecu, Associate Editor Two years after its grand opening, Chicago’s newest high-end hotel, the Elysian, is looking for a new owner. ChicagoRealEstateDaily.com quotes some sources close to the hotel’s board who claim that Jones Lang LaSalle Inc. was hired to [...]

Two years after its grand opening, Chicago’s newest high-end hotel, the Elysian, is looking for a new owner. ChicagoRealEstateDaily.com quotes some sources close to the hotel’s board who claim that Jones Lang LaSalle Inc. was hired to find a buyer for the 188-room building at 11 East Walton Street.

Though the developer, David Pisor, had plans to expand the Elysian brand in other cities across the country, the new owner could drop the name and completely rebrand the property.  While it is still unclear whether David Pisor is looking for a buyer because his main equity partner, Arcapita Inc., wants to step out of the venture, or whether he is simply trying to find a new partner on his own so that he could keep a stake in the Elysian, the transaction is likely to generate more than $460,000 per room, which was the record-setting price when the James Hotel was sold at the beginning of 2008. This assumption is based on the fact that the Elysian is one of the most expensive hotels in Chicago – according to its website, the Elysian charges $500 to $1,500 per night.

According to About.com,GreenChoice Bank has opened its Chicago headquarters. Located at 2545 W. Diversey Ave., it is a 272,000-square-foot LEED Platinum certified building called the Green Exchange. Keeping in line with its commitment to sustainably minded customers and businesses, the bank’s green features include low-VOC paints, 100 percent recycled plastic bank debit cards, envelope-free ATMs, and flooring, countertops and wall systems made of recycled materials.