According to Chicago Business Ian Schrager is negotiating with the present owners to buy the 285-room Ambassador East with its “Pump Room” restaurant at 1301 N. State Pkwy in Chicago. Not really a “boutique” size property I would say. But comments are that he could be the man to re energize this 1926 built landmark hotel.
Reportedly Peter Dumon and David Bossy, the present owners, have settled on a $25-million offer from Ian. Together with a former local partner they paid $44.5 million for the hotel in December 2005. What a sumptuous loss for a sumptuous hotel!
Am curious whether this acquisition will breath some new life in the Marriott – Schrager partnership named Edition Hotels that was announced with a lot of pomp in January, 2009 and not much in the news lately.