Zell Buys Luxury Elysian Hotel in Chicago's Gold Coast
From Crain's Chicago Business
Zell Buys Luxury Elysian Hotel in Chicago's Gold Coast
Sam Zell is jumping into the luxury hotel market with a deal to buy the two-year-old Elysian Hotel in the Gold Coast and convert it into a Waldorf Astoria.
Sources say the billionaire financier has agreed to pay about $95 million for the 188-room boutique hotel, which competes with luxury chains Peninsula and Four Seasons as one of the most expensive in the city, with suites starting at $525 a night. At about $505,000 a room, it would be the highest per-room price ever paid for a Chicago hotel. Click here for the full story.
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