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Zell, Geller Close Waldorf Astoria Deal

Chicago Hotel

A partnership led by Laurence Geller has finalized a deal to buy the Waldorf Astoria Chicago hotel from Sam Zell's Equity Group Investments for $111.9M. The final price of the deal, which was first reported last month, fell just shy of initial projections but set a Chicago record. The price breaks down to $592k per room for the 188-key, 60-story tower at 11 E Walton, Crain's reports. Zell will keep a minority stake in the hotel. Geller and partner Wanxiang America Real Estate Group are also building a 290-room Conrad hotel at 101 E Erie that's expected to open  spring 2016. [Crain's]