Hospitality legend Ian Schrager of Studio 54 fame has been taking over hot spots all over the country recently. As a pioneer of the boutique hotel concept, he and his Ian Schrager Co. have been in the works of acquiring and developing soon-to-be hip boutique hotels from coast to coast – and plans to spend $250 million to develop up to 15 locations over the next five years.
Most recently, Schrager has agreed to buy a development site in New York City as he prepares for the opening of his first property under the Public brand tomorrow, Oct. 11, in Chicago’s Gold Coast section for about $25 million. He has spent about the same as the purchase price in renovating the property.
“We bought it at the bottom of the market when everything was in the garbage bin,” said Schrager. “The building had great bones. It’s an iconic landmark. It might be Chicago’s Plaza Hotel.”
Additionally, he is also close to closing a second Manhattan deal as part of a plan to develop trendy properties at more affordable prices in “gateway” cities. Other areas to receive Schrager’s Midas touch include metropolitan Los Angeles and Paris. Last week, his company won a $119 million bid for a Crowne Plaza hotel in London.
Being the man who brought us the Morgans Hotel in New York, the Delano in Miami, the Mondrian in West Hollywood, and more, we’re eager to see what the hotelier extraordinaire brings us next!
Our Haute 100 list details the accomplishments of the most influential people in each of our markets. To see the entire Haute 100 New York list, click here.