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What Hilton Hotel Corp. executives think of the latest Hilton venture is a matter of conjecture. What they will do if hotels planned by Nicole Olivia Hilton take off is a matter of even hotter speculation. Whatâ™s a company to do if the competition has the money and owns the name? By birth, no less?

Nicky Hilton is the younger sister of perpetual starlet Paris Hilton. The socialites are heirs to the Hilton fortune. Now that Paris is making yet another name for herself (sheâ™s already built a solid reputation as a scenester and fashion plate) for the song, âœStars Are Blind,â itâ™s Nickyâ™s turn. Nicky and Paris are the granddaughters of Conrad Hilton, who founded Hilton Hotel Corp. in 1946.

Nicky is planning a âœNicky Oâ hotel for Miami that will feature a 5,000-square-foot penthouse suite designed by Roberto Cavalli. The South Beach âœNicky O, a Nicky Hilton Hotelâ is the fruit of a licensing arrangement with condo-hotel developer Robert Falor, the Falor Companies president converting the Breakwater and Edison hotels into the celebrity-branded complex.

Nicky also plans a âœNicky Oâ with Falor in Chicago, Falorâ™s home base. She has said she hopes to launch 10 hotels across the country in conjunction with Falor. That could stiff any plans Hilton Hotel Corp. has to launch a competitor to, say, W.

The Miami complex will rent suites for $300 to $5,000 a night. Miamiâ™s Zilbert Realty Group is handling sales and marketing for 94 condo suites selling for a touch below $500,000 to $7 million-plus. Buyers will have access to the Nicky O lounge, expected to be one of South Beachâ™s hottest spots. No word yet on whether Paris will grace that snazzy joint with her warbling.

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