Bloomberg reported on Monday that Ian Schrager’s plan to further develop his Public brand is taking on a more definitive shape with deals in New York and London.
Schrager has reportedly agreed to buy a development site in New York City and is close to completing a second Manhattan deal. He did not offer details about the deals.
Last week, the Ian Schrager Co. won a US$119 million bid for a Crowne Plaza in London that likely will be the next Public location.
The first Public in Chicago has its official opening on Tuesday as part of Schrager’s overarching plan to develop 10 to 15 locations in the next five years.
Schrager has also hinted that he is getting close to naming a sizeable equity partner in his new venture.