The cofounder of Studio 54 and inventor of boutique hotels explains why he opened his new luxury hotel in one of the most-hated parts of New York City
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Ian Schrager just opened his New York EDITION hotel in Times Square.
Some might see opening up a new luxury hotel in one of the most-hated parts of New York City as a risky move.
But Ian Schrager isn't worried.Schrager, who's credited with creating the boutique hotel, told Business Insider he's opened almost all of his hotels in "terrible neighborhoods" - and it worked out just fine.
"I did it in Miami with the Delano. Terrible neighborhood when I opened that up," he said of Miami Beach. "I did it in West Hollywood with the Mondrian. That was a terrible neighborhood when I opened up."Nikolas Koenig
A restaurant at Schrager's newly opened New York EDITION.
For Schrager, Times Square is just going through a low period.
"Any great city changes or evolves and goes back and forth like the ebb and flow of a river," he told Business Insider.
Schrager pointed to now-trendy Manhattan neighborhoods like Tribeca and the Meatpacking District, not to mention Bushwick and Williamsburg in Brooklyn, all of which were once far from glamorous.He says Times Square has always been "a mixture of high brow and low brow" - and that's what gives it an advantage.
"That's what made Studio 54 so successful," Schrager said. "High brow and low brow, high art and low art. And I think that combination always creates excitement."
For Schrager, Times Square is on the precipice of transformation.Copyright © 2021. Times Internet Limited. All rights reserved.For reprint rights. Times Syndication Service.
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