The Elysian Hotel Chicago has been acquired by a joint venture between Hilton Worldwide, the parent company of Waldorf Astoria Hotels & Resorts; an Equity Group Investments affiliate; and Elysian principals.
The Elysian Hotel Chicago, which recently earned the coveted distinction of being the #1 hotel in the United States according to readers of Conde Nast Traveler, has been acquired by a joint venture between Hilton Worldwide, the parent company of Waldorf Astoriag Hotels & Resorts; an Equity Group Investments affiliate; and Elysian principals. Terms of the transaction were not disclosed. The hotel’s new ownership plans to rebrand the hotel Waldorf Astoria Chicago on February 1st, 2012. The Waldorf Astoria Hotels & Resorts brand, which draws its inspiration from the legendary Waldorf=Astoria New York, is known for delivering highly personalized service and is one of the world’s fastest growing luxury hospitality brands. Waldorf Astoria Hotels & Resorts plans to use the strength of its worldwide presence to capitalize on the tremendous operational and financial success the Elysian has enjoyed since opening in late 2009.
Located in the heart of Chicago’s Gold Coast neighborhood, just steps off of Magnificent Mile, the Elysian comprises a hotel, 51 luxury private residences, restaurants, a spa and event and meeting rooms. The building, which was designed by renowned architect Lucien Lagrange, features a richly detailed exterior and European courtyard reminiscent of the grand hotels of the 1920’s, while the interiors embrace a sophisticated, urban sensibility. The hotel features 188 spacious guestrooms and suites boasting elegantly modern furnishings, fireplaces and marble bathrooms with soaking tubs. The Elysian is also home to two distinct culinary experiences – Balsan, a contemporary bistro showcasing refined, yet rustic fare, and RIA a two-Michelin-star restaurant offering modern, seasonally driven French cuisine. Bernard’s, the hotel’s bar, is reminiscent of a plush private club. The Elysian Spa & Health Club, which spans more than 14,000 square feet, offers a wide-ranging menu of personalized services as well as a nail spa, barber suite, relaxation areas and a fitness facility, as well as a mosaic-tiled lap pool, whirlpools, saunas and steam rooms. The compilation is an amenity-rich environment for the most discerning of guests.
Equity Group Investments made its investment through the Zell Credit Opportunities Fund, which was established to focus on the recapitalization of over-leveraged assets and companies, and to invest opportunistically in loans and credit securities in both the real estate and corporate arenas.
Robert Webster led the team at Jones Lang LaSalle Hotels that represented Elysian’s original ownership in the transaction.