The investment group, which includes billionaire Sam Zell, reportedly purchased the 188-room Elysian for $95 million, the Chicago Sun-Times reported Friday.
The Elysian, is only two years old and has yet to make a profit, the newspaper said. The purchase price was not divulged, but Crain's Chicago Business reported the $95 million price tag, which amounts to $505,000 per room.
Although the hotel's developer David Pisor had been seeking funding to expand on the Elysian name, the hotel in Chicago will be renamed the Waldorf Astoria Chicago, linking it to Hilton Worldwide Inc., which owns the Waldorf Astoria brands, the Sun-Times said.
The link to the Hilton company will give the hotel access to the Hilton's reservation system.