Elysian Hotel Looking for Buyers

The Gold Coast may soon be rechristened the Cash4Gold Coast: The owners of that neighborhood's luxury hotel The Elysian have hired Jones Lang LaSalle Inc. to sell the property, according to Crain's.

It's also possible the hotel, a planned franchise for major cities, will rebrand when it finds a buyer.

It's an anticlimactic end for the 60-story hotel, which opened in December 2009. Estimated to be worth $465,000 per room, the hotel is unsurprisingly another victim of the struggling economy -- though the official reason it's being sold is Arcapita Inc., its main equity backer, wants to cash out. Developer David Pisor is reportedly hoping to find a new partner who would allow him to keep running the hotel and keep his stake in it. Who out there will pity this poor developer and help keep his humble dreams alive of running a luxury hotel?

Read the full story here.

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