CHICAGO— Hotel 71 is now officially a part of the Falor Companies’ portfolio. The company closed on the deal for the 454-room property this week. Once again, Falor plans on converting the asset into a luxury condo hotel. It is the third Chicago condo hotel project Falor has unveiled within the past 12 months. CB Richard Ellis negotiated the deal in which a partnership between AEW Capital Management and Boykin Lodging Company sold the hotel. The sale price was not disclosed. The hotel was recently renovated at the cost of $20 million. Regardless, Falor plans on adding to that cost via more extensive refurbishments and upgrades that will total $18.5 million. Renovations are expected to begin within 90 days. The first of the refinished units will be delivered in December. Condo hotel units are expected to go on sale in July and will be priced as low as $395,000.