The Falor Companies has reached the 50 percent sold mark at the Aldens, its second condominium hotel in Chicago, in what seems to be a ringing endorsement for a product type comparatively new to Chicago.
Located at the corner of State and Adams, the Aldens is a gut rehab of the Century Building into a 98-room condominium hotel, where units average about $275,000.
“With financial backing from institutional debt and equity partners as well as private investors, we have had the luxury of selecting the most desirable properties in the best locations and converting them into hotel condominiums,” said Robert Falor, president and CEO of The Falor Companies. “The conversion of the Century Building into the Aldens is a great example. Due to its location in the heart of the Loop, it is an attractive destination for both business travelers and vacationers, which in turn has spurred interest among the real estate investor community.”
Buyers of hotel condos own their units in fee simple. When they are not in residence, the hotel rents them out, returning a portion of the revenue to owners. The Aldens, 202 S. State, is being marketed by Sudler Real Estate and will be open to owners and guests in the fall.
Rooms at the Aldens will include high-speed Wi-Fi Internet access, in-room entertainment centers, plasma-screen televisions, marble baths and contemporary furnishings. The hotel will have a workout room, a meeting room, a business center and a restaurant and bar in the lobby.