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CHICAGO-There are now four hotel condominium projects in the works in this market, with The Falor Cos. and Kimpton Hotels & Restaurants teaming up on two of them. Robert Falor has agreed to buy the Century Building at 202 S. State St. for $2.25 million, with plans to convert the 64,000-sf building to a 98-room condominium hotel.

Earlier this summer, Falor Cos. acquired the Hyatt Regency Printers Row for $18 million, with plans to convert it to The Morton Hotel, a 178-unit condominium. Both of Falor’s projects are expected to open for business before Trump International Hotel & Tower and The Elysian, which have yet to see ground breakings in River North.

An investor group, which included executives from Marc Realty is selling the property about 18 months after acquiring the 90-year-old building at State and Adams streets for $1.25 million, according to property records.

Falor expects to begin closing sales at The Century Building early next year, with prices averaging $275,000. Like The Morton, that price point is about half of the two River North developments.

“I expect sales at the 202 S. State Street property to be swift,” Falor says. “The success of our recent Hyatt Regency Printers Row project indicates that there is high demand for condo-hotels in Chicago.”

It took Falor Cos. and Chicago-based Sudler Real Estate three weeks to sell out the first, 61-unit, phase at The Morton. “Due to its ideal location, the 202 S. State Street building is sure to be on investors’ radar,” says Bill Fields, Sudler’s president of residential brokerage. “It’s convenient for those who come to Chicago to conduct business in the Loop.”

By picking up the two condominium projects from The Falor Cos., San Francisco-based Kimpton Hotels & Restaurants will operate five boutique hotels Downtown. They already run The Hotel Monaco at 225 N. Wabash St., The Hotel Allegro at 171 W. Randolph St. and The Hotel Burnham at 1 W. Washington St.

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