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GlobeSt.com UPDATE: Hotel 71 Going Condo

CHICAGO-Hotel 71 "has all of the right components for a smart condominium hotel," says Robert Falor, president and chief executive officer of Falor Cos. Units at $395,000 and up should hit the market by the end of the year.

By Mark Ruda | Updated on April 03, 2005

CHICAGO-While paying significantly more for the raw material than its first two properties, Falor Cos. is planning to convert Hotel 71 to condominiums, with units becoming available late this year. The hotel formerly known as the Executive House is across the Chicago River from Trump International Tower, which will include hotel condominiums when completed.

“We sought out Hotel 71 because it has all of the right components for a smart condominium hotel,” says president and chief executive officer Robert Falor. “At this point in the game we know exactly what to look for in a hotel that will make it a successful conversion project for us, as well as be an asset to buyers. Before we invest in potential projects, we look at the building’s location, current condition, desirability and a number of other factors. Hotel 71 passed all of our tests and we’re very pleased to make it part of our growing portfolio of successful condo-hotels in Chicago and across the country.”

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