Chicago Real Estate pcherry on 30 Dec 2009 11:51 pm

Elysian Developer Makes Out Of State Hotel Handover

December 30, 2009 - We told you a few posts ago that Chicago real estate developer David Pisor had decided to cancel the pre-sell contracts he did have for the hotel condo portion of the Elysian and just focus on the hotel and residential condo parts of the project. The Elysian had a grand opening for the hotel on December 9th. The luxury high-rise is located on 11 East Walton Street and no more news has surfaced about the Gold Coast development.

But Mr. Pisor isn’t just having financial issues here in Illinois, according to a recent Crain’s article. Now it seems that he has had to turn over the deed to the Hotel Jerome, located in Aspen, Colorado, to keep from being foreclosed upon after missing the loan repayment deadline.

With the hotel condo crazy seemingly over and hotel vacancies down, it will take some time to see if the Elysian can hold its own against Trump Tower and the other luxury hotels that have supposedly cut rates to keep rooms filled. And with Ten East Delaware set to close soon and offering hotel services a la carte from the neighboring Talbot Hotel, it may be a tough year for developers of hotel condo projects in the Chicago real estate market.

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