Last summer, it was the future Nicky O. Now it's in bankruptcy. Two South Beach hotels once linked to Nicky Hilton face hard times. The South Beach hotel once slated for Nicky Hilton's debut in the lodging industry has filed for bankruptcy, as its hopes for star-powered profits fall drastically short. Condo-hotel converter Robert Falor is asking for Chapter 11 bankruptcy protection to reorganize the Breakwater and Edison hotels -- adjoining properties that were to be renamed ''Nicky O'' after the celebrity socialite.

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