Ian Schrager says luxury hotels will shrink to only 80 to 90 rooms, but rooms will be larger. The hotels will also be very expensive to cater to the 1%.
Schrager, who cofounded Studio 54, the legendary New York City nightclub known for its wild parties and high-profile guests like David Bowie and Andy Warhol in the 1970s and early '80s, says that hotels are"manifestations of popular culture and the people."And according to Schrager, the US is headed in a direction where"you have the 1%, and then you have everybody else, with a declining middle class," he told Business Insider.
These more intimate hotels will also be"very expensive" with the finest details,"catering to that 1%," Schrager said. "I see nothing in the middle," Schrager said."And I see a lot of less expensive, value-oriented hotels, but very sophisticated and very cool, with lots of entertainment and food and beverage possibilities."opened in 2017 offering a modern luxury experience at rates as low as $150 per night, as Business Insider's Noah Friedman and Lamar Salter previously reported.
His newest hotel, the Times Square EDITION in New York City, has 452 guest rooms and nightly rates that range from $430 to about $2,800.
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