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Waldorf Astoria Sold for Record $592K Per Room: Report

By DNAinfo Staff | July 22, 2015 10:50am
 The lobby of the Waldorf Astoria Chicago.
The lobby of the Waldorf Astoria Chicago.
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Waldrof Astoria

GOLD COAST — The Waldorf Astoria hotel, 11 E. Walton St., has reportedly been purchased for $111.9 million.

The buyer is Chicago hotelier Laurence Geller in a partnership with Wanxiang America Real Estate Group, a division of Chinese auto parts company Wanxiang Group.

The seller was Equity Group Investments, owned by Sam Zell, which acquired the property in 2011.

Zell will "maintain an ongoing interest," according to a statement.

Crain's Chicago Business put the sale price at $111.9 million, or about $592,000 per room, a Chicago record.

In a statement, Geller said: "It is a terrific time to be in the luxury hotel business, especially in Chicago, due to its growth in tourism. This hotel's world-class location, physical attributes and current market position provide a wonderful platform from which to grow."

The Waldorf Astoria Chicago includes 189 guest rooms and suites and 52 residences. Geller says he intends to add 26 rooms to the hotel and that "the food and beverage concepts will be refined." The other public areas will be "energized" and "reimagined," according to the statement.

"We look forward to working with the homeowners in what is one of Chicago's most exclusive residential towers; we intend to create new services and build on their already impressive amenities," Geller said.

Fodor's describes the hotel this way: "Two large, Greek-inspired sculptures greet guests as they walk through the entrance of this exquisitely designed hotel, where rooms start at 632 square feet and double in size if you're willing to spend even more. The elegant rooms are furnished with platinum- and champagne-color palettes and textured wallpaper; and most of the marble-covered bathrooms have a deep soaking tub. The artwork is modern, but the atmosphere remains warm throughout. Also, there's no need to hand a bellhop a couple of bucks; this is a tip-free hotel."

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