NEW YORK CITY Ian Schrager is selling his stake in the famed Gramercy Park Hotel to business partners Aby Rosen and Michael Fuchs.
Schrager will receive approximately US$90 million from divesting of his half of the celebrity hangout. “It’s a very good financial transaction for me,” Schrager tells New York magazine. “I hope to sign my half to them today. I’ve got my blood in that hotel, but I don’t get attached to brick and mortar.”
The Wall Street Journal reports that Rosen is also buying back a US$140 million loan on the building, in an effort to secure control over the 185-key hotel. Ownership defaulted on the loan earlier this year, and Rosen is reportedly purchasing the debt at a 35% discount.