The first phase of the Hotel Blake, which will beat higher-priced hotel condominiums in Trump International Hotel and Tower and the Elysian to the market, was a quick sell-out. "Some of the most interested buyers have been business travelers who frequently take trips to the same destinations like Chicago," says president and chief executive officer Robert Falor. "Executives who know they'll be making seven to 10 trips a year, would rather own their own room than pay upwards of $200 a night every time they come in for business."

The 16-story, 91-year-old building at State and Adams streets was acquired a year ago for nearly $1.3 million, according to property records. Units are priced at an average of $275,000, which would make the ultimate value of the property nearly $27 million. Falor Cos. renovated the property to add high-speed Internet access in all rooms, marble-tiled baths, a workout room, a business center, restaurant and bar.

Los Angeles-based Kor Hotel Group will manage the hotel. Sudler Real Estate will market the units.