Schrager cashes out of Gramercy Park Hotel

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.