Oh Nicky you’re so fine, but Chicago will never know thee. Yes folks, as you probably already know, The Falor Companies has dropped plans for its Hotel Blake hotel condo project, a former Hyatt Hotel at 500 S Dearborn St, which it planned to rebrand as Nicky O, with the help of the poor man’s Paris, Nicky Hilton. Yo’s truly feels a little sorry for Nicky, because we’ve always felt that she stood, just a little, in her older sister’s emaciated shadow, except for that time when she snagged a few US Weekly covers by marrying that guy in Vegas.
Now a Florida investment firm that bought a bunch of the condos is sueing Falor Companies over its decision to abandon the project, according to a story in Crain’s Chicago Business. The story quotes developer Robert Falor as saying he dumped the project because Nicky Hilton “didn’t want to give up control of the rooms,” which Yo’s truly would’ve thought could’ve been worked up into a great marketing pitch aimed at male buyers.
Falor also said the booming hotel industry and softening condo market were part of the reason the project didn’t work, which is probably more to the point.
The company already had gone bankrupt at its Aldens Hotel project, 202 S State St., and according to reports, Falor has hired someone to sell off its Hotel 71 property, which was slated for conversion into Solis Chicago Hotel and Spa.