Hotelier Ian Schrager Passes On Buying Hotel Chelsea

12/07/2010 12:39 pm ET | Updated May 25, 2011

Ian Schrager "took a pass" on the Hotel Chelsea after touring the for-sale landmark last month, he told Bloomberg News. "It's a sexy asset with an incredibly sexy history and we felt obliged to take a look at it," he said.

The 127-year-old property at 222 West 23rd Street, famous for having housed literati like playwright Arthur Miller and rock and roll stars like singer Patti Smith, went up for sale in October for the first time in over 65 years and is said to be asking around $90 million.

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