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CHICAGO-The Ambassador East, one of two new hotel chains, will be the first one to be launched by Ian Schrager of New York. In April, Schrager purchased the 285-room property situated in Gold Coast with Morgan Stanley.

According to a news release, Schrager is planning to rename the hotel located at 1301 N. State Parkway in September. The names of the two new hotel chains were not disclosed. The Ambassador East was constructed in 1926. For the full story, go to Crain’s Chicago Business.


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