Chicago’s favorite billionaire, Sam Zell, has tapped JLL to sell the 188-room Waldorf Astoria at 11 E Walton St, which his fund purchased as the Elysian for $95M in 2011 (a record per-room price, at $505k/room), Crain’s Chicago Business reports. While the sale of NYC’s Waldorf Astoria to China-based Anbang for $1.95B ($1.4M/room) is an extreme example, it shows how far hotel values have risen since Zell got his hands on the property and how willing foreign investors are to pay a premium for a safe haven for their capital. Perhaps we’ll soon see Chicago’s first $1M/room hotel deal?
Sam Zell To Sell Waldorf Astoria
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Related Topics:
Anbang
, China
, Elysian
, Foreign investors
, Hotel sector
, Sam Zell
, Waldorf Astoria
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