 The hotel was reported to have failed to make a profit in its first two years and in September, 2011 it was announced that its owner Jones Lang LaSalle was looking to sell after Pisor's equity partner chose to remove itself from the hotel business, rather than developing the Elysian into a hotel brand as had been originally envisioned.By November, 2011 it was announced that an investment group and Hilton Hotels would be purchasing the Elysian and converting it to a Waldorf Astoria.A Waldorf Astoria had been planned as part of an international expansion in 2007, but failed to take off due to the economy in 2008.