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The Gold Coast may be trading one swanky destination for another.
According to sources, Zell would pay $95 million for the luxury hotel which has only been open for two years.
Room rates start at about $525 a night at the Elysian, putting it on par with the most expensive hotels in the city.
The Elysian has received numerous awards since it opened, but had reportedly been losing money.
Neither Zell or the hotel's current owner, David Pisor, would comment on the reported deal.