The Falor Companies Taps Kor Hotel Group to Manage its Condo-Hotels in Chicago

The Falor Companies, a Chicago-based hospitality firm, has hired Los Angeles-based Kor Hotel Group to operate and manage two new condominium hotels in Chicago, Hotel Blake at Printers Row and the soon-to-be-converted Century Building at 202 S. State St., on the corner of State and Adams streets in The Loop, announced Robert Falor, president and CEO of The Falor Companies. These will be the first hotels managed by Kor Hotel Group in Chicago.

Kor Hotel Group currently manages seven boutique hotels in California, including Viceroy Palm Springs, situated at the base of the San Jacinto Mountains, and Maison 140 in Beverly Hills, once the home of famed silent film star Lilian Gish. They also have signature hotels in upscale destinations such as Beverly Hills and Santa Monica. Kor recently added The Tides Hotel and Breakwater and Edison Hotels in South Beach to its portfolio, marking the luxury operator’s first involvement in properties outside of California and its first partnership with The Falor Companies.

“Kor Hotel Group is known for bringing sophisticated travelers an extraordinary, personalized experience through imaginative design, distinguished style, and impeccable service and sales,” said Falor. “High-end travelers, as well as those looking for a more personalized hotel experience, have come to know Kor as a hotel operator skilled at providing guests with a feeling of home through their distinctive properties.”

Hotel Blake, located at 500 S. Dearborn St., and the condo-hotel at 202 S. State St. will offer hotel rooms at an average price of $275,000 per unit, according to Falor. Hotel Blake will be available to unit owners and guests in March 2005, while the condo-hotel at 202 S. State St. will be available in spring 2005. Both properties are being marketed exclusively by Chicago-based Sudler Real Estate.

“The Falor Companies has established itself as one of the preeminent condo-hotel development firms in the country, and we are pleased to be able to lend our managerial expertise, our sophisticated style, our exceptional amenities and our personalized services to help make both these projects the most sought-after boutique hotels in Chicago,” said John Arnett, president of Kor Hotel Group.

Rooms will include high-speed Internet access; in-room entertainment centers featuring plasma televisions, movies, music, CD/DVD players, and PlayStations; marble-tiled baths; contemporary furnishings; Italian linens and bathrobes; down comforters and pillows; and designer hair and body products.

Hotel amenities will include workout rooms, meeting spaces and business centers. Additionally, the hotel will likely feature 24-hour room service; same day dry cleaning and laundry; newspaper delivery; concierge service; and valet parking.

Both properties will have a restaurant and bar. The restaurant at the 202 S. State St. property will be operated by Kor Hotel Group, whose destination restaurants and lounges are key components of its properties.

The Kor Hotel Group currently operates seven boutique hotels in California: Viceroy Santa Monica; Viceroy Palm Springs; Avalon Hotel; Maison 140; Gateway LAX; Delfina; and Chamberlain West Hollywood.

The Kor Group (www.thekorgroup.com) is a privately-held real estate investment, development and management firm. With a $725 million asset portfolio and vigorous investment performance, Kor's success reflects its unique combination of experience, expertise and an entrepreneurial approach.

In addition to its Chicago properties, The Falor Companies is also applying the condominium-hotel model to several properties in South Florida including The Cheeca Lodge and Spa in Islamorada, the Mayfair Hotel and Spa in Coconut Grove, the Breakwater and Edison Hotels in South Beach, which will operate as one hotel, and The Tides Hotel, also in South Beach. Other projects are forthcoming on both the East Coast and West Coast and in the Midwest and Southwest, noted Falor.

For information on purchasing a condo-hotel unit at Hotel Blake or at the 202 S. State property, visit the Sudler Real Estate sales office at Hotel Blake at Printers Row, open daily from 10 a.m. to 6 p.m., call (312) 344-4966 or visit www.sudler.net.

The Falor Companies is a diversified hospitality firm specializing in development, property management, asset management, financing and consulting for the hotel industry. For more information, log on to www.falorcompanies.com.




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