Part-owner of Hotel Chelsea wants to buy out other shareholders

NEW YORK CITY A former manager and current part-owner of Hotel Chelsea wants to buy out the property’s other shareholders if he can do it at a “fair price.”

Stanley Bard, who was ousted from management in 2007, is upset that the famous hotel is no longer renting to long-term tenants.

The 225-key hotel, built in 1883, is on the market and has received preliminary interest from boutique hoteliers Ian Schrager and André Balazs, although no formal bids have been made public. Chelsea has a longstanding tradition of offering discounted rates to struggling artists—it has been called home over the years by icons like Andy Warhol and Bob Dylan—but that tradition has recently gone by the wayside, Bard says.

“I’m not completely happy with what’s happened there… they’re not renting to any long-term people, no matter who they are,” he tells New York Post.

However, Bard says he would not attempt to block an acquisition by Balazs or Schrager. “These are good people that understand management and wouldn’t force the residents out,” he says.