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real estate

Ian Schrager: ‘I’m Selling My Half’ of the Gramercy Park Hotel

It looks like Aby Rosen will achieve his recently announced goal of taking over the Gramercy Park Hotel partner Ian Schrager. The former Studio 54 impresario has agreed to sell his half of the hotel (which is worth "a few hundred million") to Rosen and partner Michael Fuchs, he told Intel this afternoon. The hotel has been financially troubled since the fiscal downturn, defaulting on a $140 million loan earlier this summer. The Journal today reported that Rosen would be buying back that note for $90 million. With the sale of Schrager's half, Rosen and Fuchs are set to control the celeb-populated hotel and nightlife mecca completely. "It's a very good financial transaction for me," Schrager told us. "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."

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Photo: Courtesy Gramercy Park Hotel