Schwarz
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Certainly we’re all a bit apprehensive here at the [Chelsea] hotel, wondering what will happen now to our unique artistic community. The actual ownership structure of the hotel is a closely guarded secret. It is known that Stanley’s father, David, in partnership with two men named Krauss and Gross, bought the hotel in 1940. (Stanley took over upon his father’s death in 1957.) These days, the part of the hotel that Stanley’s father owned is still in the Bard family, but the interests of the other partners’ families are represented by a board of directors. The board seems to have given Stanley a wide latitude in managing the hotel over the years--that is, apparently, until just recently. What happened is that the hotel simply became too valuable.
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