>Marriott's Schrager leaves Gramercy and launches two hotel brands

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Ian Schrager, who launched Edition boutique hotels for Marriott, has sold his share of Gramercy Park Hotel in New York and started Schrager Hotels, which encompasses two new, currently unnamed, brands.
 
Schrager sold his Gramercy share for a reported $20m (£12.8m) to developer Aby Rosen. His new hotel chains will be targeted at ‘international gateway cities’.

 “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.
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