After Chicago, Ian Schrager to open PUBLIC Hotels in London and New York

Ian Schrager, known as the pioneer of boutique luxury hotels, left Morgans Hotels, the company which he co-founded in 2005 to set up his own chain. His first PUBLIC Hotel branded property opens tomorrow in Chicago. A premium concept, Public Hotel has the facilities of a five star hotel, however more moderately priced (highest category suite will sell for US$ 495 per night). 

Ian Schrager Co. plans to build and revamp properties in metropolitan areas including Los Angeles and Paris. Last week, it won a US$119 million) bid for a Crowne Plaza hotel in London that likely will be the next Public location, Schrager said. The company bought the property now known as Public Chicago in the city’s Gold Coast section for about US$25 million and spent about the same amount to renovate it, he said. Bloomberg reports Schrager agreed this week to buy a development plot in New York city for his future PUBLIC Hotel. Schrager’s company plans to spend $250 million to develop 10 to 15 locations in the next five years.