In partnership with Wanxiang America Real Estate Group, Geller Investment Co. has acquired the Waldorf Astoria Chicago.
“It is a terrific time to be in the luxury hotel business, especially in Chicago, due to its growth in tourism,” says Laurence Geller, chairman of Geller Investment Co. “This hotel’s world-class location, physical attributes, and current market position provide a wonderful platform from which to grow.”
Equity Group Investments (EGI)—an affiliate of Sam Zell’s private investment firm—acquired the property in 2011 and will maintain an ongoing interest.
“We are pleased to partner with Laurence in the ownership of the Waldorf Astoria Chicago,” says Sam Zell, who is also chairman of EGI. “His demonstrated passion for his hotels, acumen, and creativity will provide this award winning asset with exceptional stewardship and ensure continued value creation.”
The 60-story Waldorf Astoria Chicago currently includes 189 guestrooms and 52 residences. In addition to revamping the hotel’s public spaces and F&B program, Geller intends to add 26 rooms to the property.
“Our objective is to work with the Waldorf Astoria Chicago team and accelerate this already successful hotel’s path to becoming a national and international icon,” adds Geller. “For more than three decades, I have been one of Sam Zell’s biggest fans, and I am incredibly grateful to him and his team from EGI for giving us this unique opportunity to work together on further improving this wonderful hotel.”
Wanxiang America Real Estate Group and Geller Investment Co. also recently announced the reimagining of the Conrad Chicago, to open in the spring of 2016.
