X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK-Marriott International and Ian Schrager are partnering to create a new brand of lifestyle boutique hotel. The brand doesn’t have a name yet, but the pair hopes to open as many as 100 of them in major markets worldwide. The venture is at once the largest undertaking Schrager has ever done, and the most detailed Marriott has done.

“Nobody has done what Ian has been able to do with his hotels time and again,” says J.W. Marriott Jr., CEO of Marriott. “He is the perfect partner to help us create and launch a new, modern genre of hotel.” Marriott has more than 2,900 hotels worldwide, but none in the boutique field.Schrager and Marriott held a press conference at the Gramercy Park Hotel today, to unveil the deal. Marriott referred to the new hotels as similar to his company’s new joint venture with Nickelodeon, but “for older kids.”

“Ian’s impact over the last 25 years in very profound,” said Arne Sorenson, executive vice president and CFO of Marriott. “But it’s not as much as it could be.” Marriott and Sorenson have been discussing and planning this venture with Schrager for the better part of a year.

Each hotel will have an average of 150 to 200 rooms. US markets the hotel brand is looking to enter initially are New York City, Miami, Los Angeles, Chicago, San Francisco, San Diego, Boston and Las Vegas. Internationally, cities include London, Paris, Berlin, Frankfurt, Madrid, Seoul and Tokyo.

Multiple architects and designers will be brought in for the hotels, although they won’t be working from a set template. “The brand will be about attitude, about a feeling rather than a look,” Schrager says. Residential components to some properties might be included.

Schrager will head the concept, design, marketing and branding. The Marriott organization will oversee development and manage the hotels once operational. The pair looks to have at least five development firms sign for projects by the end of the year. They want 100 hotels open or in development in 10 years.

Marriott’s name is on 519 hotels branded with its own name, as well as 138 Renaissance hotels, 61 Ritz-Carltons, 739 Courtyards, 521 Residence Inns, 157 Springhill Suites, 123 TownPlace Suites, 514 Fairfield Inns, and various smaller brands. Several of its brands are also used for resorts and residential projects.

Schrager’s one-of-a-kind projects, with lobbies full of striking art and antique furniture, include the newly renovated Gramercy Park Hotel in Manhattan, a Miami Beach hotel opening next year, and two Manahttan residential projects: 50 Gramercy Park and 40 Bond. Schrager got his start with partner Steve Rubell by co-founding the legendary Studio 54, and later the Morgans Hotel.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.