Schrager to launch two hotel chains

Hotelier Ian Schrager — founder of Morgans Hotel Group and a co-owner of the former Studio 54 disco in Manhattan — plans to start two hotel chains in Manhattan, the Wall Street Journal reported. One chain will be more upscale while the other will be a more affordable take on large-scale urban hotels. Though “deals right now are hard to come by,” Schrager noted, he said he is close to a “couple” of transactions in New York. “Hopefully, we’ll be able to take down some of these things in the next few weeks or months.” Schrager said he will focus on buying and owning the hotels rather than only managing them for others. He is planning to announce the new hotels next Thursday, the same day he is set to finalize his financial split from the 185-room Gramercy Park Hotel by selling his 50 percent share to partner Aby Rosen. [WSJ]