The Falor Companies, a Chicago-based hospitality firm, has hired Los Angeles-based Kor Hotel Group to operate and manage two new condominium hotels in Chicago, Hotel Blake at Printers Row and the planned Century Building, at 202 S. State, announced Robert Falor, president and CEO of the Falor Companies.
These will be the first hotels managed by Kor Hotel Group in Chicago. A new concept in Chicago, hotel condos offer buyers a chance to own their apartments and to rent them out through a hotel program when not in residence.
Hotel Blake, located at 500 S. Dearborn St., and the condo hotel at 202 S. State St. will offer hotel rooms at an average price of $275,000 per unit, according to Falor. Hotel Blake will be available to unit owners and guests in March 2005, while the condo-hotel at 202 S. State St. will be available in spring 2005. Both properties are being marketed exclusively by Chicago-based Sudler Real Estate.
Rooms will include high-speed Internet access; in-room entertainment centers featuring plasma televisions, movies, music, CD/DVD players, and PlayStations; marble-tiled baths; contemporary furnishings; Italian linens and bathrobes; down comforters and pillows; and designer hair and body products.
Hotel amenities will include workout rooms, meeting spaces and business centers. Additionally, the hotel will likely feature 24-hour room service; same day dry cleaning and laundry; newspaper delivery; concierge service; and valet parking.