Entrepreneur Joe Mansueto has purchased the Waldorf Astoria Chicago. According to Crain’s, the Morningstar founder paid $54 million for the luxury hotel, which carries “about $90 million” in debt. He is reportedly the fourth owner of the property at 11 E. Walton, which was developed by David Pisor for an estimated $280 million.
The 60-story building with a courtyard that looks like a French village opened as the Elysian Hotel in 2009.
Original owner Jones Lang LaSalle sold the property to Hilton Hotels for an estimated $95 million in 2011. Four years later, Hilton reportedly sold it for an estimated $113 million to a group led by Laurence Geller and Wanxiang America Real Estate Group, who reportedly defaulted on their loan in 2019 and surrendered the property to Walton Street Capital.
Mansueto other holdings include the Wrigley Building on Michigan Ave., the Belden-Stratford apartments on Lincoln Park West, according to Crain’s.