CHICAGO
Global real estate mogul Sam Zell is expanding his position in the hotel business.
A recent report indicated that he is acquiring the 188-room ultra-luxury Elysian Hotel. Of additional interest, unconfirmed reports suggest that Zell will convert the two-year-old property into a Waldorf Astoria.
Part of a 60-story project with 51 condominiums, the struggling Elysian was developed by entrepreneur David Pisor, nephew of famed California restaurateur Alice Waters. Despite the development’s struggles, the Chanel-inspired five-star property was named the best U.S. hotel in a recent survey by Condé Nast Traveler.
