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Falor Tackling Second Hotel Condo Project

CHICAGO-With the Hotel Blake expected to open in March at 500 S. Dearborn St., the Falor Cos. is beginning to sell units at 202 S. State St. The 98 units in the Central Loop average $275,000 in price.

By Mark Ruda | Updated on January 18, 2005

CHICAGO-The Falor Cos. is taking the hotel condominium one step further. Set to deliver the first units in the market when the 161-unit Hotel Blake opens this spring at 500 S. Dearborn St., the company is beginning to sell units at 202 S. State St.

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.

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