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."
AEW Capital Management was the majority owner of the hotel overlooking the Chicago River, which has 10,000 sf of meeting space in 14 conference rooms, including a penthouse on the 39th floor. Boykin Lodging's stake in the property was 43.75%.
The 2002 renovation project included a makeover of the lobby. James McHugh Construction Co. and the John Hardy Group teamed on the renovation, with Robert C. Vagnieres Jr. & Associates doing the architectural work.
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