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by Michael J. Shapiro | December 22, 2010

Hotel industry icon Ian Schrager closed the sale of his interests in New York's Grammercy Park Hotel on Thursday, and will turn his focus to developing two new brands and continuing work with Marriott on the Edition flag, the hotelier said in a statement.  One of the two new Shrager Hotels projects will be a luxury lifestyle brand, and the second will offer a stylish, less expensive option for both 1,000-room-plus hotels and smaller properties. The first of the newly branded hotels to open will be the renovated and redeveloped Ambassador East in Chicago, slated to reopen its doors in September 2011. Shrager hasn't specified which of the brands that hotel will represent. The hotelier intends to own as well as manage the newly branded properties and currently is seeking opportunities in international gateway cities including New York City; Los Angeles and Southern California; Miami and Southern Florida; London; Paris; Barcelona, Spain; Istanbul, Turkey; Mexico City; and Rio de Janeiro, Brazil.