Three Condo-Hotel Models Open at Hotel Blake at Printers Row

The hotel, which is located at 500 S. Dearborn St., was acquired by The Falor Companies in June. While the property is currently the Hyatt Regency Printers Row, The Falor Companies is in the midst of converting the 161-room hotel into a condominium hotel. The property will be available to unit owners and hotel guests, and will operate under its new name, Hotel Blake, beginning in March 2005.

Hotel Blake will feature a combination of double rooms, king rooms and suites base-priced from $225,000 to $400,000. The three models feature three room types; two single rooms with king-sized beds and a one-bedroom suite with a king-sized bed and an adjoining room. Room 606 is 480 square feet and is based-priced from $303,000; Room 616 is 490 square feet and is base-priced from $310,250; and Room 622 is 920 square feet and is base-priced from $575,000.

All rooms at Hotel Blake include marble and granite finishes in the bathroom; contemporary décor and furnishings; a 42-inch plasma television with DVD and CD players; individually controlled heating and air-conditioning; and wireless Internet access.

“Buyers were lining up immediately after we announced our plans to convert the Hyatt Regency Printers Row into a condominium hotel,” said Robert Falor, president and CEO of the firm, referring to the complete sellout of Phase I in only three weeks.

“Everyone from business travelers, to second-home buyers, to real estate investors, recognizes the value of owning a condominium within a hotel,” added Falor. “Now that prospective buyers can view models and see the finishes, the elegant furniture and the plasma screen TVs, we anticipate that sales will take on the same type of urgency we saw in the first phase of this project.”

The Falor Companies has tapped Los Angeles-based Kor Hotel Group to operate and manage the property. 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. The Falor Companies recently secured Kor Hotel Group to operate The Tides Hotel and Breakwater and Edison Hotels in South Beach, all located on Ocean Drive.

“We’re excited to have the opportunity to infuse Kor Hotel Group’s sophistication and style into this project. By doing so, we anticipate that residents and guests will recognize our efforts to make every stay with us a unique and personal experience,” said John Arnett, president of Kor Hotel Group.

At Hotel Blake, residents will have access to amenities such as 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.

“One of Hotel Blake’s biggest assets is its location,” stated Bill Fields, president of residential brokerage for Chicago-based Sudler Real Estate, the exclusive sales and marketing agent for the property. “It’s within walking distance of the Loop, the Harold Washington Library, Grant Park, the newly designed Millennium Park, the Theater District, The Art Institute and Lake Michigan. The new University Center super dorm is also nearby, as are Chicago’s financial exchanges, public transportation and expressways.”

Hotel Blake is one of two properties acquired by The Falor Companies in Chicago last summer. The second property, the Century Building, located at 202 S. State, will also be converted into a condominium hotel. The 98-room condo-hotel is slated to open in spring 2005 and will also be managed by Kor Hotel Group, and sold and marketed exclusively by Sudler Real Estate.

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, visit the sales office, 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.




Logos, product and company names mentioned are the property of their respective owners.

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