Burford Holdings has announced that it has entered into a conditional joint venture agreement with US hotelier Ian Schrager to invest £100m in the development of a chain of distinctive hotels throughout Europe.
Both parties will be investing equally in the new venture with Schrager receiving incentive rewards related to performance levels. Schrager will be managing director and will be responsible for the development and operations of the hotel business.
The joint venture plans to build upon Schrager’s reputation for hotel development. He has been responsible for the creation of hotels such as the Paramount, Royalton and Morgans Hotel in New York, the Delano in Miami, Mondrian in Los Angeles and Clift in San Francisco.
The announcement follows the publication of Burford’s latest set of results last week.
EGi News 25/03/97
