CHICAGO—Geller Investment Co. has acquired a majority interest in 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. This hotel’s world-class location, physical attributes and current market position provide a wonderful platform from which to grow,” stated Laurence Geller, chairman of Geller Investment Co. It is the second Chicago hotel that Geller’s company, together with Wanxiang America Real Estate Group, acquired in the past year. The first was the Conrad Chicago due to open in Q2 2016.
The Waldorf Astoria Chicago is a 60-story tower featuring 189 guestrooms and suites and 52 residences. An affiliate of Sam Zell’s private investment firm, Equity Group Investments, which acquired the property in 2011, will maintain an ongoing interest.
“We are pleased to partner with Laurence in the ownership of the Waldorf Astoria Chicago,” stated Zell, chairman of Equity Group Investments.
Geller intends to add 26 rooms to the hotel, the food and beverage concepts will be refined and the balance of the public areas will be refreshed, according to the company.
“We share in the enthusiasm and excitement about the hotel and look forward to contributing to a truly unforgettable and legendary hotel that will make all of the partners proud.” stated Larry Krueger, managing director of Wanxiang America Real Estate Group.
“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,” Geller added.