Ian Schrager passes on buying Manhattan's Hotel Chelsea | miamiherald.com

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 Monday. ``We took a pass.