Miami's South Beach; Will Convert into a
|MIAMI, FL – August 18, 2004 – The Falor Companies, a Miami and Chicago-based
hospitality firm, have entered into a definitive agreement to purchase
The Tides hotel on South Beach. The company plans to convert the
45-suite hotel, located at 1220 Ocean Drive, into a condominium-hotel.
“The Tides is an exclusive asset and we are happy to have it become part of our growing South Florida portfolio,” said Falor.
The Tides is the fourth hotel acquisition the Falor Companies has been a part of in South Florida this year. Other projects in the area include a joint venture between The Falor Companies and Colony Capital in the purchase of the Mayfair House Hotel in Coconut Grove, Cheeca Lodge and Spa in Islamorada and South Beach’s Breakwater and Edison hotels. The Mayfair House is currently undergoing a $15 million renovation as it is converted into a condominium hotel and the Falors plan to close the deal for the Breakwater and Edison in September and convert them into a condominium hotel as well.
The Falor Companies has created an impressive record of condo conversion sales. In addition to great success in the South Florida market, two recent purchases in Chicago have also been profitable ventures - the Hyatt Printers Row in Chicago sold out Phase I in less then three weeks, and the Century Building in Chicago’s Loop at 202 S. State is the company’s second condo hotel project in the area. According to Robert Falor there are more projects to come on both the East and West coasts as well as in the Midwest and Southeast. The company has established themselves as a leading entity in the United States involved in the acquisition of select resort and urban hotels for the conversion to condo/hotels.
The Falor Companies is a diversified hospitality firm specializing in development and asset management.
The Falor Companies
980 N. Michigan Avenue
Chicago, IL 60611
|Also See:||Lodgian's 179-room Mayfair House Hotel in Miami Sold for $14.7 million / May 2004|
|National Brands Infiltrate Miami's South Beach Historic Boutique Hotels / December 2002|