Falor Companies kicks Nicky Hilton out of bed at Hotel Blake

Click for larger imageOh 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.

COMMENTS

WORDPRESS: 3
  • powerhunger 11 years

    Are you sure you’re reading that story correctly? It seems like Nicky O is still on–this dispute is the investors in the Blake condotel suing because it’s being converted to a pure hotel and they’re not getting their investments back the way they thought they would. The thing about control over the rooms seems to be the rationale for developing Nicky O as a pure hotel and not a condotel.

    I have to believe it’s still possible that any day now I’ll run into Nicky down at Gourmond some bleary morning. A prenump and a few clap injections later and I’ll be living the high life for several weeks at least.

  • Alison 11 years

    Actually, on closer perusal, I think you’re right. The hotel condo proposal is kaputt, but there is still a chance the hotel component will proceed, with Nicky at the helm, although the article doesn’t go as far as to say that, and I have read, in other reports, that the Nicky O concept is in doubt.

  • Ron 9 years

    It looks as though Nicky was smart.
    The hotel lokks to be going under.
    The owners have not even kept up to their union contract payments.