Hotelier Ian Schrager on Thursday confirmed he has sold his stake in Gramercy Park Hotel and launched a new hotel company, Schrager Hotels. Schrager said that his goal moving forward was to "upset the status quo and reinvent the hotel experience" with his new projects.
Those new projects will include the launch of two hotel brands: one luxury lifestyle brand and one less expensive line. The first hotel Schrager plans to open under one of these brand identities is a new take on famed Chicago hotel The Ambassador East. The retooled Ambassador East is slated to open in the Windy City in September 2011.