Local hotel developer indicted in Ohio
An Ohio grand jury has indicted Robert Falor, the Chicago developer whose failed attempts to redevelop three downtown hotels left a trail of bad feelings and lawsuits from investors and lenders.
Mr. Falor stole $400,000 from an Ohio man who invested in a plan to convert the former Hyatt Printers Row into a so-called condominium-hotel, according to the indictment by a Cuyahoga County, Ohio, grand jury. The project failed, and a mezzanine lender ultimately took over the hotel at 500 S. Dearborn St., now called the Hotel Blake.
The grand jury last week returned an indictment of one count of theft, a felony, meaning Mr. Falor, 41, could face as much as five years in prison if convicted, according to a spokesman for Cuyahoga County prosecutor Bill Mason.
The developer’s arraignment is scheduled for March 12. Attempts to reach Mr. Falor were unsuccessful.