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Hotel Industry News |
Thursday March 18th, 2010 |
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Ian Schrager - The £100m question: is the world's hippest hotelier checking out of London? |
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When four years ago Ian Schrager opened the Sanderson, his latest venture in ultra-hip hotels with chic interiors, eye-watering prices and a clientele to match, he declared: 'London is hot right now. That's why my strategy is to come here and saturate London with multiple properties - maybe as many as seven hotels.' |
From a man whose legendary 1970s Manhattan nightclub Studio 54 was so select that the ballet star Rudolf Nureyev was once found half-naked on the dance floor and whose hotel empire was valued at nearly £200m, such a statement was to be taken seriously.
Over two decades, Mr Schrager had built a portfolio of eight hotels in his native America favoured by the next generation of Beautiful People.
London was to be his "springboard" for a money-spinning assault on Europe, in the shape of the £220-a-night Sanderson and the St Martins Lane, the glass-fronted celebrity hangout favoured by celebrities from David Beckham to Britney Spears, where a suite can cost £2,000.
Yesterday, however, Mr Schrager's dream appeared to falter. The Brooklyn-born entrepreneur credited with inventing the "boutique hotel" while serving time for tax fraud said he was in talks to sell both the London hotels with a price tag "far in excess of £100m".
External Source - For the complete article click here
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