Hotel Legend Ian Schrager Launches New Hotel Company

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Ian Schrager, the man often credited with creating the boutique hotel genre, has started a new hotel company.

Under the name Schrager Hotels, the hotel guru plans to introduce two new hotel brands. One will be a trendy take on large-scale urban hotels, while the other will serve the luxury lifestyle. Beyond that information, the two concepts are still being kept tightly under wraps.

So far, the only publicized details on the new company surround the iconic Ambassador East in Chicago, a hotel already undergoing a $25 million renovation. Schrager says he plans to open the hotel in September 2011 at an average of $225 a night.

Schrager, who has also partnered with Marriott International to create a new boutique brand, tells the Wall Street Journal he is close to finalizing a "couple" transactions in New York, has put in bids on hotels in London, and is looking at properties in Los Angeles and Miami.

"Hopefully, we'll be able to take down some of these things in the next few weeks or months," he says.

The news of Schrager's new venture comes the same day he announced his financial departure from Gramercy Park Hotel. Schrager sold his half to partner Aby Rosen for an undisclosed amount, making Rosen the sole owner.

Schrager first became known for co-creating the iconic New York nightclub and disco Studio 54 that flourished in the 1970s and 80s.



Photo, Gramercy Park Hotel.
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