The Falor Cos. Acquires Hyatt Regency Printers Row

CHICAGO— The Falor Companies, base here, has acquired the Hyatt Regency Printers Row with plans to convert the 161-room hotel to hotel-condominiums, according to the firm. The seller was MHJV LLC, a partnership controlled by principals of Chicago-based Marc Realty and represented by John Burns of Cooper-Conlin Partners. The sale price was not disclosed. The Falor Companies has tapped Kimpton Hotels & Restaurants, a San Francisco-based boutique hotel operator, to manage the property. Chicago-based Sudler Real Estate will be the exclusive sales and marketing agent for the hotel-condominiums. Located at 500 S. Dearborn St., in the historic Printers Row district, the property will undergo a name change and complete renovation to reflect Kimpton’s boutique brand. Kimpton currently operates three boutique hotels in downtown Chicago: The Hotel Monaco, The Hotel Allegro and The Hotel Burnham. This is the third hotel-condominium project to be announced in Chicago in the past 12 months; however, it will be the first to deliver units to owners, according to the company. Initial closings are projected for late 2004. The average price of a unit in the Printers Row property will be around $225,000, according to the company.