“It was a very good financial transaction for me,” said Schrager. “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. As always, I am committed to the idea that the future will always be better than the past.”
One of his new brands will be targeted at luxury lifestyle while the other will be a less expensive, style-focused product.
The first hotel under one of these new brands is billed to open in Chicago in September 2011.