Filed under: Luxury Travel & Hotels
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% into that hotel as I do with all of my projects, but it was time to move on and seek new challenges." Schrager, who is at least mostly responsible for the proliferation of boutique hotels in the past couple of decades, plans to create two separate brands, one luxury lifestyle brand and one that is stylish but less expensive. The first hotel under one of these new brands will open in Chicago in September 2011, the $25 million renovation of the Ambassador East hotel. Schrager is also continuing to work on the Edition hotel brand that he launched with Marriott International which recently opened its first hotel on Oahu.
Schrager plans to have his new hotels in cities such as, New York, Los Angeles, Miami, London, Paris, Barcelona, Istanbul, Mexico City, Rio De Janiero, and other cities in Europe, Asia, China, India and South America.