Back in 2011, Chicago Billionaire Sam Zell purchased 11 E. Walton, what was then known as the Elysian, for $95 million—a record setting per-room price at the time of $505k. Now fast forward roughly 5 years and Zell is looking to sell the 188 room hotel, now known as Waldorf-Astoria Chicago, and is expected to see a very strong return.
In New York, Hilton Holdings is in the midst of selling the Waldorf-Astoria at 301 Park Ave. to Chinese insurance conglomerate Anbang for a reported $1.95 billion, or about $1.4 million per room, and although Chicago real estate prices are nowhere near New York City’s, it’s a clear sign of just how much hotel values have risen in major markets like Manhattan and downtown Chicago.
Because the sale of Chicago’s Waldorf Astoria was just recently reported by Crain’s Chicago Business, details about price have yet to be disclosed, but with 111 W. Wacker selling earlier this month for more than $650,000 per unit, we could be on the verge of seeing Chicago’s first $1 million per room hotel deal in history.
Stay tuned for more information on this one...