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Zell, Hilton Confirm Luxury Hotel Purchase

CHICAGO-The 2-year-old Elysian will become the Waldorf Astoria for one of the highest prices ever paid per room in Chicago.

By Robert Carr | Updated on November 17, 2011

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.

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