Ian Schrager Completes Acquisition of the Ambassador East Hotel in Chicago | chicagobusiness.com

Studio 54 nightclub co-founder and renowned hotelier Ian Schrager says he’s likely to keep the name and “ethos” of the Ambassador East hotel and its legendary Pump Room restaurant. Mr. Schrager on Thursday closed his purchase of the hotel and restaurant in a deal sources say was valued at more than $25 million. In an interview Friday afternoon, Mr.