• Schrager to launch two new brands

Ian Schrager is reported to have sold his share of the Gramercy Park Hotel in New York for a reported $20m to developer Aby Rosen, and started Schrager Hotels.

He will focus on international gateway cities with two as-yet-unnamed brands, with Chicago expected to see the first opening with the Ambassador East Hotel, which Schrager bought along with Morgan Stanley in 2009. Schrager said one of his new brands would be targeted at luxury lifestyle while the other would be a less expensive, style-focused product.

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