Falor The Failure Adds Another Lawsuit To The Pile
Note to self: If a Hilton sister ever approaches us with a business proposition, we're running in the opposite direction (unless it involves porn, of course).
If only we could've advised hotel magnate Robert Falor. It looks like any hopes of resuscitating his disastrous plans for the Nicky O hotel are now completely dead. Investors who put up cash for the ill-conceived/financed condo-hotel project filed a lawsuit last week in Cook County Circuit Court, claiming that:
Because the payments under the Contract for Deed were not timely paid and the final closing date has expired, the Contract for Deed has expired, and Printers Row no longer has the right to purchase the Blake Hotel or its property.
Falor, his lawyer, and executives at his real estate company all refuse to talk about this latest development. They're probably just exhausted from doing constant damage control: Two of his other downtown Chicago projects have also ended up in bankruptcy court.
Personally, we like Hotel Blake better anyway without the celebrity tenants. The 162-room hotel in the historic downtown building has comfy beds with red duvets and free WiFi. Though watching Falor's demise is just depressing at this point.
Meanwhile, Nicky Hilton has moved onto the restaurant biz. People reports she's opening a restaurant called The Company at the Luxor with Nick Lachey and Wilmer Valderamma. Look out guys. Nicky's business poison.
Related Stories:
· Nicky O coverage [HotelChatter]
· Another Lawsuit For Falor [Chicago Business]
Leave a Comment
Not yet a member? Click here to become a member.
Already a member? Login below: