Legendary Chicago hotel might be born immediately. Ian Schrager, a professional person who makes memorable hotels like Gramercy Park, Royalton in New York, Delano hotel in Miami Beach and the Mondrian in Los Angeles will make his step to make an independent hotelier since 2008 of the financial crash. This businessman takes the biggest risk by buying a hotel in bad economic condition.
He bought a hotel in Chicago called as Ambassador East hotel. The new venture will be opened on Thursday. Mr. Schrager said that he is an opportunistic business, he can’t have a hotel company without having a hotel in Chicago, he always wanted to have one and found Ambassador Hotel. It seems like he found his new vision on this Chicago hotel.
The location of this hotel is not too good since it is located a mile north of the central business. The hotel was built in 1926 and located in Gold Coast lake front residential neighborhood. He bought this hotel for 25 million dollar in 2010 from Harp group. This local group bought this hotel for $44.5 million dollar in 2005 it seems like the hotel is not successful so they sold it.
Ian Schrager did various efforts to fix the hotel. This hotel owner spent about thirty five million dollar for renovation so in total this man has spent sixty million dollar to get this hotel. It seems like he made his move for the next successful step. This hotel is a good investment for further economic condition. Mr Schrager sees this hotel as an opportunity though it is almost done for the hotel. The price of the hotel was decreasing fast from 2005 to 2010. Let’s see how this cold handed man will change the lust hotel to be another legendary hotel owned by Ian Schrager in Chicago.
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