Industry Update
External Article 8 December 2010

Ian Schrager passes on buying Manhattan's Hotel Chelsea

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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 Monday. ``We took a pass.'' The owners of the Hotel Chelsea, a rock and roll and literary landmark whose denizens included singer Patti Smith and playwright Arthur Miller, put the property up for sale in October for the first time in more than 65 years. They are asking about $90 million for the 12-story building, according to a person with knowledge of the marketing. The person asked not to be named because the proposed terms are private. Read more:

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