>Schrager Passes on Buying Manhattan's Hotel Chelsea After Considering Bid

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>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.
“It’s a sexy asset with an incredibly sexy history and we felt obliged to take a look at it,” Schrager, the chairman and chief executive officer of Ian Schrager Co., said in a telephone interview yesterday. “We took a pass.”

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