Ian Schrager , the New York developer who pioneered the boutique hotel concept, has bid on three sites in Manhattan as he starts a company focused on both luxury properties and trendy, less-expensive ones.
Ian Schrager, who pioneered the boutique-hotel concept, is partnering with developer Durst Fetner Residential LLC on a $400 million Public-branded property in Manhattan, with plans to open in about three years.
Ian Schrager , the developer credited with inventing the boutique-hotel concept, considered buying Manhattan’s landmark Hotel Chelsea and decided against an offer after viewing the 127-year-old property last month.
Ian Schrager said domestic and international buyers are driving unprecedented demand for luxury property in the Miami area, where two penthouses at one of his developments are under contract for a record $34 million.
Marriott International Inc.’s luxury Edition brand will open a second location in New York, at a property in the Times Square area owned by a partnership that also agreed to refinance the debt on the project.
Marriott International Inc., the owner of such brands as the Ritz-Carlton and Renaissance, would consider buying more hotel-management companies after its acquisition of South Africa’s Protea Hospitality Holdings, Chief Executive Officer Arne Sorenson said.