A New View at Chelsea Hotel

Ed Scheetz has become the Chelsea Hotel’s new sole owner after buying back five properties from Joseph Chetrit, his partner in King & Grove Hotels who earlier this year purchased the Sony building on Madison Avenue for $1.1 billion. Mr. Scheetz, the onetime CEO of Morgans Hotel Group, MHGC +0.73% will now retain Ruschmeyer’s in Montauk and King & Grove in Williamsburg, but the crown jewel might be the fabled Chelsea, which is currently under renovation. Mr. Scheetz said he took over the hotel so he and Mr. Chetrit “could each pursue a focused and clear strategy” in their real-estate holdings. He described the renovation project as “challenging.” [read more on The].