"Nobody has done what Ian has been able to do with his hotels time and again," says J.W. Marriott Jr., CEO of Marriott. "He is the perfect partner to help us create and launch a new, modern genre of hotel." Marriott has more than 2,900 hotels worldwide, but none in the boutique field.Schrager and Marriott held a press conference at the Gramercy Park Hotel today, to unveil the deal. Marriott referred to the new hotels as similar to his company's new joint venture with Nickelodeon, but "for older kids."
"Ian's impact over the last 25 years in very profound," said Arne Sorenson, executive vice president and CFO of Marriott. "But it's not as much as it could be." Marriott and Sorenson have been discussing and planning this venture with Schrager for the better part of a year.
Each hotel will have an average of 150 to 200 rooms. US markets the hotel brand is looking to enter initially are New York City, Miami, Los Angeles, Chicago, San Francisco, San Diego, Boston and Las Vegas. Internationally, cities include London, Paris, Berlin, Frankfurt, Madrid, Seoul and Tokyo.
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