Ian Schrager Sells Gramercy Park Hotel, Launches New Company

  • December 17, 2010
Ian Schrager Sells Gramercy Park Hotel, Launches New Company
"It was a very good financial transaction for me," Schrager said of the sale. "I received an offer that was just too good to refuse. However, it is a bittersweet moment as well. I put 110 percent into that hotel as I do with all of my projects, but it was time to move on and seek new challenges. As always, I am committed to the idea that the future will always be better than the past. Accordingly, I plan to spend all of my time, energy and focus now on creating two new hotel brands for my new private hotel company, Schrager Hotels, in addition to continuing my work on Edition for Marriott."

Schrager will start all over again for the fourth time in his career. His two new hotel brands include one luxury lifestyle brand and another that is stylish, less expensive and reasonably priced for both large, major city center 1,000-plus-room hotels and smaller hotels. The first hotel under one of these new brands will open in Chicago in September 2011. It will be a rebirth of one of the city's cultural icons, The Ambassador East. Additionally, Schrager intends to roll out his two new brands in multiple 24-hour international gateway cities such as New York, Los Angeles and Southern California, Miami and Southern Florida, London, Paris, Barcelona, Istanbul, Mexico City, Rio De Janiero, and other cities in Europe, Asia, China, India and South America.

Schrager also recently launched new hotel brand Edition, working with Marriott International as the brand's creative director. The first hotel, The Waikiki Edition, opened in October and will soon be followed by properties in Istanbul, Barcelona, Mexico City, Miami, Bangkok and London. For more information, visit www.ianschragercompany.com.

To read more about the hotel and for booking contact information, please see Luxury Travel Magazine's Hotel Profile for: Gramercy Park Hotel