Marriott to Develop Boutique Hotels
Hotel operator Marriott International Inc. said Thursday that it has inked a partnership with boutique-hotel pioneer Ian Schrager to create a new brand of up to 100 “lifestyle” hotels.
The venture will attempt to combine the individualized service of Schrager’s boutique hotels with Marriott’s (MAR) operational and global scale.
Schrager, originally known for running the infamous disco and nightclub Studio 54, has become a hotel mogul, developing trendy lodging destinations in New York, London, Miami and other cities. He’s also been involved in residential and mixed-use developments.
Marriott has a market capitalization of about $17.8 billion and operates such staid brands as Renaissance Hotels, Residence Inn, Courtyard by Marriott and TownePlace Suites. It also operates the high-end Ritz-Carlton hotels. Read more