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Falor Cos. Buys Hotel 71 for $95M

CHICAGO-Boykin Lodging and AEW Capital Management are happy to get more than $200,000 a room for the former Executive House 71 E. Wacker Dr., which they acquired for $48 million in 1999 and spent more than $20 million on renovations.

By Mark Ruda | Updated on March 30, 2005

CHICAGO-After spending $20 million on a renovation project and changing its name from the Executive House to Hotel 71, Cleveland-based Boykin Lodging and AEW Capital Management have sold the 454-room asset to Falor Cos. for $95 million. The partnership paid $48 million for the hotel at 71 E. Wacker Dr. in 1999 and renovated the property in 2002.

Falor Cos. is the most active hotel condominium converter in the market, having repositioned the Hotel Blake at 500 S. Dearborn St. as well as the Hotel Alden at 202 S. State St., a former office building. However, the company also is a hotel operator, with seven properties in the Miami area.

“Hotel 71 was an excellent investment for our company,” says chairman and chief executive officer Robert W. Boykin, noting the price is more than $200,000 per room. “We believe this represents a very attractive selling price for the hotel.”

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