Robert Falor, president of Falor Cos., reportedly plans to turn the 161-room Hyatt on Printers Row, at 500 S. Dearborn, into a condominium hotel. The concept, which has proved successful in New York, was introduced to Chicago last year by Donald Trump at his Trump Tower project.
Trump Tower includes about 500 traditional condos and 200 hotel condos, which buyers own in fee simple as deeded condominiums. When these condo owners aren’t using their units, they can make them available for rent through the hotel. They also can avail themselves of hotel services on a fee basis.
Trump Tower, however, has not broken ground, so Falor’s will be the first condo hotel in Chicago. The hotel is to be named Circa 500, and the condos are expected to average around $230,000 a unit.