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Ian Schrager Company |
| (NEW YORK, NY - May 23, 2006) � Following rapid and substantial growth
and leading the way for further expansion, Ian Schrager Company (ISC) announced
today the appointment of Mitchell C. Hochberg as President and Chief Operating
Officer. In this new position, Hochberg will oversee the day-to-day
operations of the company and report directly to Ian Schrager. Michael
Overington, president of the development division and long-time partner
of Ian Schrager, has been appointed Vice Chairman.
These appointments mark the significant growth of Ian Schrager Company since being launched by founder Ian Schrager less than a year ago. After a successful career revolutionizing the nightclub and entertainment industries and inventing the boutique hotel concept, these new positions at ISC will allow Mr. Schrager to continue to break industry standards while also allowing the company to take advantage of the tremendous opportunities being offered to it and promote further expansion. ISC is currently working on eight projects that include the opening of the legendary Gramercy Park Hotel in August 2006 and residential properties 50 Gramercy Park North, 40 Bond and the world-famous clock tower building, No. 1 Madison. Further hotel and residential projects include an additional property in New York, one hotel in Miami, one hotel in Miami Beach, a large-scale residential community in Las Vegas and other transactions in the pipeline and in the early stages of development. �I wanted to strengthen the company in order to take advantage of new opportunities, grow the company and have an even larger impact on the way people live and entertain themselves,� said Schrager. �The appointment of Mitchell Hochberg as President and COO and Michael Overington taking on the additional role of Vice Chairman will allow the company to do just that.� Prior to joining Ian Schrager Company as President and COO, Hochberg founded and served as President and Chief Executive Officer of Spectrum Communities, a leader in the home building industry and the preeminent luxury lifestyle residential builder in the Northeast. "Ian and I collaborated on the acquisition of the Delano in Miami Beach 15 years ago, so it is easy for us to get together now. My focus will be on the day-to-day operations, which will support growth and allow Ian to do what he does best and be even more prolific. We both look forward to exploring all of the great opportunities," Hochberg said. Hochberg comes to Ian Schrager Company with a broad background in the real estate industry. After graduating magna cum laude from New York University�s College of Business and Public Administration with a BS Degree in accounting and finance, Hochberg went on to receive his law degree from Columbia University School of Law as a Harlan Fiske Stone Scholar. Upon receiving his law degree, Hochberg worked as a real estate attorney at a boutique law firm specializing in complex commercial, residential and hotel development transactions. Drawn to the financial side of this work, Hochberg decided to pursue a career as a Certified Public Accountant where he was responsible for structuring multi-faceted real estate transactions with major financial institutions and established a new department in non-traditional investments at Paine Webber. Once recruited by Chicago-based real estate developer VMS Realty, Hochberg was responsible for the company�s residential, hotel and commercial development efforts worldwide. As President of the development division, Overington has been responsible for the development, asset management and company administration of Ian Schrager Company. Overington first started working with Ian Schrager in 1977 at Studio 54. He continued to work with Schrager in the 1980s on the development, construction and opening of the Palladium nightclub and all of Morgans Hotel Group�s projects. Overington was with Morgans Hotel Group for 30 years before joining Ian Schrager Company in 2005. Additional appointments at Ian Schrager Company are expected to follow. IAN SCHRAGER COMPANY Ian Schrager Company (ISC) builds, develops and markets innovative lifestyle residences and hotels, introducing new concepts and reinventing industry standards. ISC was founded in 2005 by visionary Ian Schrager following a formative career revolutionizing and impacting nightlife (Studio 54 and Palladium) and hospitality (Morgans, Royalton, Paramount, Hudson, Mondrian, Delano, Shore Club, Clift, St. Martin�s Lane and Sanderson). Current projects include the transformation of the fabled Gramercy Park Hotel in New York (summer 2006), 50 Gramercy Park North (June 2006), 40 Bond (spring 2007), One Madison (2007), two hotels in Miami and additional projects in New York and Las Vegas. www.ianschragercompany.com |
| Contact:
Kimberly N. Hondry
|