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?
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories
