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.

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