Record Deal for Waldorf Astoria Completed

Chicago hotelier Laurence Geller has completed the record-shattering purchase of the Waldorf-Astoria hotel from former Cubs owner Sam Zell. Zell previously held the record, when the property was known as the Elysian.

PHOTO BY ERIK UNGER 

In 2011 Zell bought the hotel for $95 million – $505,000 per room. Geller topped that at $111.9 million, or just over $592,000 per room. Geller investment partnered with Wanxiang America Real Estate Group, an Elgin-based unit of Chinese auto parts giant Wanxiang Group.

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

Geller has announced plans to convert some of the larger suites into multiple rooms, expanding the number of available rooms.