The Commercial Observer reports that hoteliers Ian Schrager and Ed Sheetz have partnered with the Chetrit Group to… actually get the Hotel Bossert open? According to the Observer, the deal is in its early stages and contingent on raising $26 million to save the Bossert from a foreclosure auction, that was to happen in December 2022. If the deal works, the Bossert will become part of Schrager’s Public Hotel brand, and Schrager and Sheetz will become 50/50 owners with Chetrit, whose current $80 million equity interest would be written down to $11 million.
Can Schrager, who opened Studio 54, and Sheetz, who opened the Hard Rock hotels, finally get the Bossert open?
(Photo: WSTM Zefferus via Wikimedia Commons)