NEW YORK Ian Schrager has agreed to sell the Barbizon Hotel on the upper East Side here for $100 million to Philadelphia s Berwind Group, the Wall Street Journal reported, citing people familiar with the situation. Schrager bought the 306-room hotel in 1998 from John Kluge for $177 million, the paper said.
Schrager told the Wall Street Journal that he knew he wouldn t keep the hotel for long because Kluge had renovated the property just before Schrager bought it, leaving little room to remake the hotel himself. The purchase fits in with Berwind s previously reported strategy of building a chain of high-end hotels under the Melrose name. (3/7/01)
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