Ian Schrager zeroes in on South Florida

On his radar: a Public hotel in North Beach, another Edition in SoFla

TRD New York /
Jun.June 26, 2015 03:30 PM

From the South Florida website: Hotelier Ian Schrager is entranced with South Florida, and remains in hot pursuit of new hotel sites.

“I’m very aggressively looking to do a couple of hotels,” he told The Real Deal. “I believe in the strength of the market. I think we are at the beginning of a renaissance, and I’d like to be part of it.”

Schrager, who opened the Miami Beach Edition in December of last year, said he is looking to bring a Public hotel to the North Beach part of Miami Beach, and has his eye further up the coast for a new location for the Edition, his luxury brand in partnership with Marriott.

“We’re looking to do another Edition in South Florida,” Schrager told attendees Friday at the National Association of Real Estate Editors’ 49th Annual Real Estate Journalism Conference, where he served as the keynote speaker at the session “Reinventing the Hotel, the Next Chapter.”

Broward County is keenly on his radar. Schrager said he had been negotiating for a property for an Edition in Fort Lauderdale, but ended up taking a pass, because the financial metrics didn’t pan out. He declined to disclose the location.

“I think the South Florida market is very deep,” he said during his speech. Beyond Miami Beach, he is looking up the coast, past Surfside, Bal Harbour and Sunny Isles.

He also is looking outside South Florida, to St. Petersburg and other parts of the state, as he expands worldwide. Schrager said he is working on 20 hotels, including four in China, and others in Bangkok and India.

The former co-owner of Studio 54, along with Steve Rubell, recalled how he made the shift from nightclubs to hotels when he sold Studio 54 and took back a promissory note. The purchaser couldn’t repay the note, so he traded it for his interest in a hotel.

Schrager sees the two industries as sharing the same “zone” of hospitality. “They all have the same goals of looking after guests — in one, people are sleeping over, and in the other, they should sleep over, and sometimes they do,” he quipped during his NAREE speech.

Schrager’s history with South Florida dates back decades, when he would visit his father and his brother. It was Miami Beach’s ‘Golden Age’ in the ’50s, when vacationers would come for the weather, beach and tropical atmosphere. His brother still lives here.

When Schrager opened the Delano South Beach 13 years ago, he viewed it as starting a “renaissance” in Miami Beach. “Now, I see another renaissance. Miami and Miami Beach are no longer a vacation, tropical getaway for people from the Northeast, but a world-class capital,” he said.

His philosophy regarding hotels is to provide guests with not just a bed, but an experience, including dining, entertainment and other services. “We’re trying to figure out how technology will really improve the quality of a person’s stay,” he said.

Florida will remain a focus, he told TRD after his speech. “I believe in Florida,” he said, citing the state’s population growth. “It still has a long way to go.”


Related Articles

arrow_forward_ios
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Magna CEO Robert Indeglia with the Courtyard by Marriott 307 West 37th Street and the Fairfield Inn & Suites at 325 West 33rd Street (Google; Magna)

Magna Hospitality emerges as New York’s hotel vulture

Magna Hospitality emerges as New York’s hotel vulture
Ashkenazy Acquisition's Ben Ashkenazy and Marriott East Side at 525 Lexington Avenue (Google Maps)

Lawsuit accuses Marriott of misappropriating funds at East Side hotel

Lawsuit accuses Marriott of misappropriating funds at East Side hotel
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
Courtyard by Marriott in Herald Square and Marriott CEO Arne Sorenson (Google Maps, Getty)

Courtyard by Marriott in Herald Square to close permanently

Courtyard by Marriott in Herald Square to close permanently
As more New Yorkers escape to the suburbs or Florida, some of their brokers are going with them. (iStock)

Following the money, NY brokers seek licenses in other states

Following the money, NY brokers seek licenses in other states
From left: Embassy Suites at 60 West 37th Street, Ashford Hospitality Trust CEO Douglas Kessler, Magna Hospitality Group CEO Robert Indeglia and Royalton Hotel at 44 West 44th Street (Ashford, Magna Hospitality, Google Maps)

Royalton, Garment District hotels sell at discounts

Royalton, Garment District hotels sell at discounts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...