Geller Investment Co. And Wanxiang American Real Estate Group Close on the acquisition of 101 East Erie - Move ahead with plan to re-develop into luxury hotel
Pierre-Yves Rochon (PYR) of Chicago and Paris retained for Architecture and Interior Design
CHICAGO, Dec. 16, 2014 /PRNewswire/ -- Geller Investment Co. (L-2), a Chicago-based real estate investment firm, and Wanxiang America Real Estate Group today announced that they have closed on the acquisition of the 224,000 square foot office building located at 101 East Erie and will convert the property to a 290 guestroom luxury hotel.
"We are delighted to have secured a great building in a prime Chicago location," stated Laurence Geller, founder and chief executive officer of L-2. "The market clearly demands more luxury choices and inventory in this key Michigan Avenue location. Our plans include unique food and beverage offerings which will add to Chicago's already famed "foodie" reputation."
The hotel will be operated under an internationally recognized brand and Pierre-Yves Rochon (PYR) of Chicago and Paris has been retained to lead the Architecture and Interior Design. The hotel brand and design direction will be announced in the coming weeks.
"We are very pleased to partner with Geller Investment Co. on what we believe will be a significant addition to North Michigan Avenue," added Larry Krueger, managing director, Wanxiang America Real Estate Group. "We look forward to working to create a successful luxury hotel and finding additional opportunities to expand our relationship."
Once plans are completed and approved construction is anticipated to begin in early 2015.
About Geller Investment Co. (L-2)
L-2 is Geller Investment Co., a private real estate investment firm focused on placing capital in the hospitality and leisure industries throughout the developed world. Founded by Laurence Geller CBE, L-2 acquires, develops and manages premiere hospitality assets. The L-2 team is composed of experienced finance and operations executives with proven experience in the hospitality space.
About Wanxiang America Real Estate Group
Wanxiang America Real Estate is a Chicago-based investment partner focused on working with seasoned and market-savvy operating partners to create above market results.
About Pierre-Yves Rochon Inc.
Pierre-Yves Rochon Inc. (PYR), of Chicago and Paris, is world renowned for its luxury hospitality interior environments. PYR strives to enhance every aspect of a hotel in order to create the very best guest experience, while reflecting each location's culture, history and geography.
CONTACT: Jim Prendergast, 1-312-280-8700
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SOURCE Geller Investment Co. (L-2)
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