"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.
Multiple architects and designers will be brought in for the hotels, although they won't be working from a set template. "The brand will be about attitude, about a feeling rather than a look," Schrager says. Residential components to some properties might be included.
Schrager will head the concept, design, marketing and branding. The Marriott organization will oversee development and manage the hotels once operational. The pair looks to have at least five development firms sign for projects by the end of the year. They want 100 hotels open or in development in 10 years.
Marriott's name is on 519 hotels branded with its own name, as well as 138 Renaissance hotels, 61 Ritz-Carltons, 739 Courtyards, 521 Residence Inns, 157 Springhill Suites, 123 TownPlace Suites, 514 Fairfield Inns, and various smaller brands. Several of its brands are also used for resorts and residential projects.
Schrager's one-of-a-kind projects, with lobbies full of striking art and antique furniture, include the newly renovated Gramercy Park Hotel in Manhattan, a Miami Beach hotel opening next year, and two Manahttan residential projects: 50 Gramercy Park and 40 Bond. Schrager got his start with partner Steve Rubell by co-founding the legendary Studio 54, and later the Morgans Hotel.
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