NEW YORK— New York Magazine has reported that Ian Schrager was approached by a Saudi tycoon looking to buy all of the hotelier’s posh boutique hotels. Schrager’s properties, which range from the Mondrian in Los Angeles to the Delano in South Beach Miami and the Hudson in New York City, are owned in partnership with NorthStar, and according to New York Magazine, the owners are interested in cutting a deal. “The people we’ve been dealing with are currently doing due diligence,” Schrager confirmed to the magazine. “We all hope to bump into some Saudi prince who will buy our company,” he said. The parties have begun negotiations, and the sale price is reported to be in the neighborhood of $2 billion, according to New York Magazine. “I’d sell anything for the right price,” Schrager added. SOURCE: New York Magazine
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