CHICAGO-It took little more than two weeks for the first phase—63 units—of the conversion of the former Printer’s Row Hyatt into hotel condominiums to sell out. The Falor Cos. bought the 161-room hotel at 500 S. Dearborn St. earlier this year and plans to convert the 108-year-old building to 178 hotel condominiums, a trend started in River North.

However, while construction has yet to start on the Trump International Hotel & Tower and The Elysian, closings on sales at The Morton are being scheduled for later this year. And at an average of $225,000, the price point is about half that of the two projects in River North.

“We believed from the outset that there would be heavy demand for a condominium hotel in Chicago at this price point,” says Bill Fields, president of residential brokerage for Chicago-based Sudler Real Estate, which is handling sales and marketing.

Buyers choose package of 35 nights, 14 nights or no nights at the units for themselves. When not in use, the units will be rented by San Francisco-based boutique hotel operator Kimpton Hotels & Restaurants, which already is in the market with The Hotel Monaco, The Hotel Allegro and The Hotel Burnham.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.