Rosen, Schrager splitting on bad terms?

TRD New York /
Oct.October 13, 2010 09:00 AM

From left: Aby Rosen and Ian Schrager

The rumors about a potential split between developer Aby Rosen and hotelier (and The Real Deal Sixth Annual Forum panelist) Ian Schrager at the Gramercy Park Hotel are intensifying, with reports from the Post today that Rosen plans to buy out Schrager’s stake in the 183-room property in a deal that involves at least $20 million in cash. Schrager, whose spokesperson said the deal hasn’t been finalized, would likely use the cash on his many other upcoming projects, but sources suggested the decision to end the partnership was about more than economics. “Honestly, the two of them just couldn’t get along,” one source told the paper. “Ian found the opportunity to cash out and deploy capital very appealing.” Meanwhile, sources said that Rosen would either sell the hotel in the aftermath of the split or seek a big hotel company to take over its management. [Post]

 

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