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 The Falor Companies Acquiring The Tides Hotel on
Miami's South Beach; Will Convert into a
Condominium-hotel

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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 condo/hotel industry trend continues to thrive and we are not strangers to the growing arena, nor the hot South Florida market,” commented Robert Falor, President and CEO of The Falor Companies.  “Based on our extensive experience, we are confident this will be a profitable venture and a great opportunity.  The Tides is an elegant hotel in a great location overlooking the ocean - an investor’s dream.”

The Tides agreement was signed with advisor Diana Cheng for an undisclosed price. The sale is expected to close by October 15, 2004 with condominium units going on sale in November. The Falor 


The Tides
1220 Ocean Drive Avenue
Miami Beach, Florida  33139
Companies will introduce a new hotel operator to The Tides later this year. The exquisite hotel boasts 45 oceanfront suites, an infinity pool and easy beach access just steps away.  Within walking distance to shopping, restaurants, South Beach, the Miami Beach Convention Centre, museums and theatres, the Falors expect to quickly sell out the units. 

“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. 


 
Contact:
The Falor Companies
Jerry Kaufman
 980 N. Michigan Avenue
Suite 1400
Chicago, IL 60611
(305) 932-4800
www.falorcompanies.com 
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


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