Nicky O and Falor pull out of Chicago
By Anthony Longo 5 10 2006
The Falor Corporation, an aggressive condo conversion company, pulled the plug on Nicky Hilton’s much-discussed condo-hotel project at 500 S. Dearborn St. Paris’ little sis was to help Falor convert the Printers Row’s Hotel Blake into a “calmer version” of her South Beach prototype.
Condo-hotels, in which investors buy individual hotel rooms to use as a residential condo, and then allow the hotel operator to rent out the room when they are away, have been less than successful in the past. In fact, Falor’s other condo-hotel, the Aldens at 202 S. State St., went under last year. Continued…
Source: Chicagoist
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