Geller Investment Co. Acquires Waldorf Astoria in Chicago for $111.9M

CHICAGO — Geller Investment Co. has closed on its acquisition of the iconic Waldorf Astoria hotel on Chicago’s Gold Coast. Sam Zell’s Zell Equity Group Investments completed the sale, but will maintain a minority stake in Waldorf. The 189-room hotel at 11 E. Walton St. sold for a record-breaking $111.9 million, according to a Cook County transfer tax form. The purchase equals just over $592,000 per room, well above the previously held record of $505,000 per room paid by Zell for the Elysian hotel. Geller plans to add 26 hotel rooms in the 60-story tower, which also features 52 private residences. The new owners also plan changes to the hotel’s food, drink and public areas.