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New York icon Ian Schrager has seen the high-end hotel future: We’re carrying our own bags


When New York City is at its bleakest, that’s when Ian Schrager tends to shine.

There was 1977, the Summer of Sam. A serial killer prowled the boroughs. Times Square was a cesspool. Martin Scorsese’s “Taxi Driver” might as well have been a documentary film. After dark, people were terrified to go outside. That’s the year Schrager and partner Steve Rubell decided to open a nightclub on Manhattan’s forlorn West Side.

“The West Side was like no-man’s-land, like bombed-out London in the ’40 and ’50s,” Schrager recalled. “Just an unseemly, dangerous place where nobody wanted to go. One of the reasons we went there was because there wouldn’t be any problem with the neighbors.”

Studio 54, they called their club, and New York nightlife would never be the same.

“When times are bad, people always seek out an escape — always,” Schrager said, the Brooklyn in his voice only partly sandpapered away by decades of Vanity Fair adulation and gossip-worthy friends. “I opened my first hotel under Ronald Reagan when interest rates were 21, 22%. So, I learned very quickly what Tiger Woods said about golf, that winning takes care of everything. The vagaries of the economy just don’t matter when you go to market with a good product.”

With his first flurry of New York hotels — Morgans, the Royalton and the Paramount — Schrager invented the modern boutique hotel. With the Delano in Miami and the Mondrian in West Hollywood, he defined urban resort. After selling his expanded Morgans Hotel Group in 2005, he turned his attention to high-end residential buildings including Manhattan’s 40 Bond and 50 Gramercy Park North, then began rethinking hotels all over again.

Just in time for New York’s latest slap upside the head.

Battered by COVID-19 and squeezed by empty offices, missing tourists and rising crime, even some lifelong New Yorkers have started sputtering: “New York is over! Who needs it anymore?”

“Ridiculous!” Schrager scoffs. “New York is forever. And I don’t believe in paradigm shifts. We haven’t had one of those since Noah and the Great Flood. We always go back to living the way we lived before. Always. I don’t have any data. I can’t tell you when. But I felt that way in March of last year, despite what all the experts and pundits were saying. No. We will absorb this shot. We will move on. Even 2008, when we almost went into a financial meltdown, a few years later, what happens? Everybody goes back to what they were doing.”

It’s all just a matter of riding the wave.

Schrager’s current wave is something called the PUBLIC hotel, which he describes as a new approach to luxury hospitality, a luxury almost anyone can afford, at least every once in a while.

Don’t miss: Little by little, New York City workers are heading back to the office

The 367-room PUBLIC Hotel New York, designed by Pritzker Prize-winning architects Herzog & de Meuron with minimalist interiors by British designer John Pawson, is a contemporary 28-story building at 215 Chrystie St. on the Lower East Side near the Bowery, another New York district not always known as a tony destination. As at most hotels, the rates bounce around a bit depending on occupancy. But they’re hovering in the $200s, not the $500s and $600s that some high-end New York hostelries demand.

“You know luxury is not only for rich people,” Schrager said. “Luxury is a state of being, a state of mind. It’s about feeling comfortable and having the freedom of time and being treated very kindly and in a very friendly way, rather than being inundated with all these telltale things from the past. White gloves. Gold buttons. Bone china. Who needs all those luxuries from Europe in the 17th and 18th centuries? That doesn’t cut it anymore.”

Today, Schrager said, hotel guests want to check in quickly and get up to their rooms. They want the cappuccino now and don’t care if it’s served in a china cup and saucer. They want fast Wi-Fi. They’re happy to carry — or more likely roll — their own suitcases to the room. “Suitcases have wheels now,” Schrager said. “Why do you need one person to unpack your car for you and someone else to bring your luggage to the room, when you’ll have to tip both of them $5? We’d rather focus on the service that matters.”

One of Ian Schrager’s latest projects, the 367-room PUBLIC Hotel New York.


Nikolas Koenig

Now that the post-pandemic visitors are finally returning to New York — vacation and business travelers — his hotel is buzzing again, Schrager said. “I do think the pandemic has made people think about what’s important to them. There is a more spiritual understanding of what matters.”

Schrager is also in business with Marriott International
MAR,
-2.52%
,
having partnered with the company on its new luxury-lifestyle line of EDITION Hotels. “We’re doing about 40 of them around the world,” he said. “I don’t build them. I don’t purchase them. I just create them.” 

Also see: Inflation data says hotel prices are skyrocketing, but you can still find deals

But the PUBLIC is his. “I think this is the future of the industry, to be able to provide a really sophisticated product with exciting food and beverage and entertainment options and great service that’s available to anybody. People aren’t stupid. They know the real thing when they see it.”

The plan, he says, is to “do 10 of them over the next five years and then sell to someone who can do a hundred.”

Then, Ian Schrager can go create something else.

Ellis Henican is an author based in New York City and a former newspaper columnist.



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Republican attorneys general seek assistance from courts in thwarting Biden’s agenda


WASHINGTON (AP) — These are busy days for Republican state attorneys general, filing repeated lawsuits that claim President Joe Biden and his administration are overstepping their authority on immigration, climate change, the environment and taxes.

The strategy harks back to what Democrats did during Trump’s presidency, heading to court in New York, California, Maryland and other states where they were likely to receive a friendly reception. Even before that, Republicans were frequent filers during Barack Obama’s White House years.

“This is something the Republicans have taken from the Democratic playbook, just as the Democrats had taken a lot of things from the Republican playbook during Trump’s tenure,” said New York University law professor Sally Katzen, who served in the Clinton White House.

The legal action reflects GOP opposition to Biden initiatives, but it also is providing the attorneys general, many with higher political ambitions, to showcase their willingness to stand up to Biden and unabashedly side with Trump.

Missouri Attorney General Eric Schmitt, seeking the Republican nomination for U.S. Senate in 2022, brags in a TV ad that he is “on the conservative front line suing to stop the Biden administration’s worst abuses.”

The main target of lawsuits filed so far have been executive orders issued by Biden.

But several states also have sued over a provision of the $1.9 trillion COVID-19 rescue plan that prohibits states from using their share of federal money to reduce taxes.

Chris Carr, the Georgia attorney general and new chairman of the Republican Attorneys General Association, said he and his colleagues have been cast in this role because Democrats control both houses of Congress and the White House.

“We’ve got a situation where President Biden says, ‘Look, I want to be more bipartisan in nature.’ But then he turns around and has issued more executive orders in the beginning of a term than any president in modern history, I’m told,” Carr said.

“Our job is to ensure the rule of law is upheld. It’s a natural tension we’ve seen throughout American history. How does the federal government stay in its lane?” he said.

It took only two days after Biden’s inauguration for the first legal fight to erupt.

Following the president’s announcement of a 100-day pause in deportations, Texas Attorney General Ken Paxton — who famously appealed to the U.S. Supreme Court to overturn Trump’s loss to Biden in a crucial set of swing states, drawing the support of 17 fellow state attorneys general and 106 Republican members of Congress — went to court and won a court order against the halt.

Several other states have since followed with similar claims.

Just since the middle of March:
• Texas, Montana and 19 other states filed suit in Texas to overturn Biden’s cancellation of the contentious Keystone XL oil pipeline from Canada.
• Louisiana Attorney General Jeff Landry led 13 states in suing the administration to end a suspension of new oil and gas leases on federal land and water and to reschedule canceled sales of leases in the Gulf of Mexico, Alaska waters and western states.
• Missouri sued over the restriction on state tax cuts as a condition of receiving money from the huge COVID-19 bill.

See: Atty. Gen. Ken Paxton battles Texas news media over records related to Capitol siege on Jan. 6

Also: Twitter sues Texas attorney general, claiming retaliation for its Trump ban

Earlier in March, Schmitt led 12 states in a suit that claims the administration lacks the authority to take account of the social costs of climate change. The president said on Jan. 20 that federal agencies must account for damages caused by increased greenhouse gas emissions, including changes in farm productivity, human health and property damage from increased flood risk.

In at least two instances, Republicans are trying to get the Supreme Court involved to keep in place Trump policies that Biden is reviewing or has indicated he will reverse.

Paxton is leading a push to get the justices to reimpose the Trump-era immigration rule denying green cards to immigrants who use public benefits like food stamps. A federal court has blocked the policy nationwide and the Biden administration dropped the defense of it.

Ohio Attorney General Dave Yost is leading a 19-state effort to keep the court from dismissing a case over the Trump policy that bans family planning programs that receive federal funds from referring women for abortions.

The administration and medical groups that had challenged the policy agreed to dismiss the case because the Health and Human Services Department shortly will propose a new rule rescinding the ban on abortion referrals.

Paxton’s predecessor was Greg Abbott, now the Texas governor. Abbott burnished his conservative credentials by frequently going to court over Obama initiatives. “I go into the office, I sue the federal government, and I go home,” he said in 2013, boasting then of having sued the administration 25 times.

By the middle of 2016, the Wall Street Journal counted at least 44 times that Texas went to court against the Obama administration.

The one thing that has changed since the last Democratic administration is that Trump was able to move appeals courts across the country to the right, adding six judges each to appeals courts that hear cases from Ohio and Texas and four to the court that includes Missouri. All three already leaned conservative.

Even the famously liberal 9th U.S. Circuit Court of Appeals in San Francisco, which hears appeals from Montana, became more evenly balanced in the past four years, with the addition of 10 Trump appointees.

“Republican attorneys general might take extra comfort from the fact that there were a significant number of conservative judges confirmed during the Trump administration, and there are a number of courts of appeals where the balance was tipped. So, it’s an even better shot than before,” Katzen said.

MarketWatch contributed.



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Stock-market futures slip, bond yields pop near 1% amid razor-thin Georgia races


Wall Street had Georgia squarely on its mind Tuesday night, with equity futures and bonds mostly in the crosshairs as investors eyed dual contests for key Senate seats coming down to razor-thin margins in early returns.

MarketWatch’s Victor Reklaitis reported that analysts are describing the Georgia races as “about as close as you can get,” and there are expectations that the winners won’t be declared until Wednesday morning.

At last check, tallies from populous Democratic-leaning counties, particularly in Dekalb, which could swing the vote tally, were looming.

Democratic challenger Jon Ossoff was trailing incumbent Republican Sen. David Perdue, with over 90% of the vote counted, after enjoying a handy lead earlier, according to data aggregated by the Associated Press.

In the other runoff, Democrat Raphael Warnock was also running slightly behind against incumbent GOP Sen. Kelly Loeffler.

The Senate races are runoffs from the November general election, when none of the candidates hit the 50% threshold required to be declared winner.

At stake for the markets is the prospect of a slim Democratic majority in the Senate if candidates can upend GOP incumbents.

Senate Republicans, if either Loeffler or Perdue wins Tuesday night, can be expected to block further coronavirus relief legislation and crimp any Democratic plans for expansive spending after President-elect Joe Biden takes office, experts said.

A Democratic sweep in Georgia, however, would give that party virtual control of that chamber because Vice President–elect Kamala Harris would cast tiebreaking votes as the chamber’s president.

Futures for the S&P 500 index
ESH21,
-0.64%

ES00,
-0.64%

were off 0.7%, while those for the Dow Jones Industrial Average
YMH21,
-0.24%

YM00,
-0.24%

were 0.3% lower, and Nasdaq-100 futures
NQH21,
-1.34%

NQ00,
-1.34%

were off 1.3% late Tuesday.

In the regular session, the Dow
DJIA,
+0.55%
,
S&P 500 index
SPX,
+0.71%

and the Nasdaq Composite Index
COMP,
+0.95%

finished the session solidly higher ahead of the political face-offs.

However, some of the biggest moves were emanating from the bond market, with the 10-year Treasury yield
TMUBMUSD10Y,
1.000%

knocking on the door of 1%, at around 0.985%, as prices fell, after rates finished at 0.955%, marking its highest 3 p.m. Eastern close since Dec. 4, according to Dow Jones Market Data. The 30-year Treasury bond
TMUBMUSD30Y,
1.762%

also was up nearly 4 basis points yielding 1.744% vs. an afternoon close at 1.705%, also its highest rate in a month.

For the bond market, Democratic wins could add to the bearish pressure on Treasurys as analysts say inflation expectations have risen in response as Congress may be more inclined to pass additional fiscal spending measures with a majority, which would weigh on bond prices, dragging yields up.

“It looks like a couple of the larger democratic counties haven’t been totally counted yet so my belief is this may very well swing to the Democrats,” Tom di Galoma, managing director of Treasurys trading at Seaport Global Securities, told MarketWatch.

“If that does happen rates will continue to rise over the next few days. We could very well see 10yr yields near 1.2% shortly,” he wrote.

It is nearly impossible to surmise what outcome Wall Street deems is best suited to push stocks further higher in 2021. Last year, market participants had been wagering that a Biden presidential victory, coupled with Democrats achieving a majority in the Senate, would provide the best scenario for additional financial relief measures to help sustain the economy’s recovery from the Covid-19 pandemic.

However, a blue wave failed to manifest and markets surged into the final weeks of 2020 regardless.



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It’s 2:30 a.m. in Wyoming: ‘You’re holding a smartphone to let a husband say goodbye to his wife via FaceTime after 60 years of marriage’


The first wave of the pandemic hit New York, and other cities with dense populations. As hospitals were overwhelmed with patients and struggled to access enough personal protective equipment and ventilators, the midwest and south were largely spared the worst of COVID-19.

Then, came the fall.

COVID-19, the disease caused by SARS-CoV-2, started disrupting families and ravaging lives far from the metropolitan counties, especially in the southern and midwestern states such as Texas, North Dakota, South Dakota, and Wyoming.

North Dakota has 167 COVID-19 cases per 100,000, while Wyoming has 140 coronavirus infections per 100,000, followed by South Dakota with 124,000 cases per 100K, according to the Center for Systems Science and Engineering at Johns Hopkins University.


‘You hear stories from Europe and China. You tell yourself it is not going to happen here.’


— Andy Dunn, chief of staff at the Wyoming Medical Center in Casper, Wyo.

As of Monday, there were 72,683 confirmed cases in North Dakota, and 846 deaths, and the population there has 7% positivity rate. New daily cases hit 1,143 over a seven-day period. Wyoming has 28,169 confirmed cases, 176 deaths and a 16.2% positivity rate, and 759 new daily cases.

“Everyone at the frontline has extra hours, extra shifts to keep up with the volume,” said Andy Dunn, chief of staff at the Wyoming Medical Center in Casper, Wyo. “We need more resources, we look for supplies from all over because we are seeing patients from South Dakota, too.”

But the extent of the crisis in Wyoming has still been a shock. A medical doctor from Colorado, Dunn moved to Casper ten years ago. In 2017, he took the role of chief of staff, and he is currently taking a hands-on role, treating COVID-19 patients at the center.

“You hear stories from Europe and China. You tell yourself it is not going to happen here,” he told MarketWatch. “And then, all of a sudden, it is 2:30 a.m., and you are holding a smartphone to let a husband say goodbye to his wife via FaceTime after 60 years of marriage.”

Andy Dunn, chief of staff at the Wyoming Medical Center in Casper, Wyo.

Patients in their 40s and 50s

“We all knew that it was coming, but you don’t get it until it is here, and it hits you. Things are rough at the hospital right now,” he said. Nor are his patients all elderly. At his hospital, several patients are now in their 40s, while numerous others are in their 50s, Dunn said.

The Wyoming Department of Health has recently approved requests from 15 counties to implement mask mandates to slow the spread of COVID-19. But a petition on Change.org asking for end restrictions in Wyoming was signed by 800 people just in a few days.

But some medical professionals in these midwestern states are not pro mask mandates. “If it is not an N95 mask, well, then you won’t be sure that it does protect you properly,” said Lisa Drylie, a nurse working in an operating-room division of the Sanford Hospital in Fargo, N.D.


‘A mask mandate has to be part of the mitigation of spread.’


— Adam Hohman, a 43-year-old nurse practitioner in Fargo, N.D.

“So, no, I don’t think that a mandatory masks mandate is going to help us,” she added. (In a review of studies on masks last month, the journal Nature concluded that “the science supports that face coverings are saving lives during the coronavirus pandemic.”)

It’s preferable to use a high-quality cloth or surgical masks of a plain design instead of face shields and masks with exhale valves, according to an experiment published in September by Physics of Fluids, a monthly peer-reviewed scientific journal covering fluid dynamics.

States like New York used the mandatory mask mandate as one of the main tools to stop the spread and to dodge the second wave in the fall. As of July, New York Gov. Andrew Cuomo, a Democrat, launched the national “Mask Up America” to promote is mask mandate.

But in North Dakota, there are moments of respite. Drylie sometimes hears joyful music from the lower floors of her hospital. It gives her hope. “It happens when they celebrate a patient who has recovered and dismissed,” she said.

Others disagree with Drylie. “A mask mandate has to be part of the mitigation of spread,” said Adam Hohman, a 43-year-old nurse practitioner who lives in Fargo, N.D. “A limited government is good, but we got to a point where we needed to do something more.”

Shortage of health-care workers

But beyond the masks, the shortage of actual health-care workers is another common issue that ties together North Dakota, South Dakota, and Wyoming, along with many other midwestern states across the U.S., according to local reports.

“The biggest problem I am hearing from my colleagues is that they don’t have enough nurses, said Hohman, originally from Minnesota, where he works at a hospital located in a rural area in North Dakota. He has worked 10 to 14 hours a day when the pandemic first hit.

Hohman said that hospitals in North Dakota are increasing their bed capacity by opening some units or converting other wards. “But they are having trouble in finding nurses to keep up with the work load, and to staff those beds,” he said.

Some hospitals in North Dakota even allowed health-care workers with COVID-19, when asymptomatic, to keep working in coronavirus units. And the U.S. Air Force has recently deployed 60 medical personal to help the state hospital staffing crisis.

The shortage of nurses across the U.S. is not a new problem, but the pandemic shed renewed light on the issue as the coronavirus pandemic hit. But North Dakota and Wyoming are actually among the best in the country in rankings of nurse-to-patients ratios.


The pandemic shed renewed light on the shortage of nurses across the U.S.

North Dakota has 16.4 nurses per 1,000 residents, making it the fourth-best equipped state in the country, while Wyoming is No. 1 with 19.9 nurses per 1,000 population, according to the Bureau of Health Workforce, an agency of the Department of Health and Human Services.

If even two of the best-ranked states for U.S. Nurse-to-State Population Ratio are struggling, others like Texas, California, or Montana are suffering even more, according to recent research by STAT, a media company focused on health, medicine, and scientific discovery.

“Public-health infrastructure and disaster planning in the United States remain underfunded and under-appreciated at all levels,”Hohman said. “We remain underprepared for protecting our nation’s health in the setting of current and future pandemics.”

When the pandemic hit New York in March and April, Hohman traveled to New York to help his colleagues. “I saw the worst of the worst up there. I think we underestimated our risk here in North Dakota due to our ruralness and a mentality that we are not New York,” he said.

Related:COVID-19 spread when 5 million people left Wuhan for Chinese New Year, yet 50 million Americans will still travel for Thanksgiving

As of Monday, there were at least 257,549 deaths due to COVID-19 in the U.S. and there have been 12.4 million reported infections of COVID-19 since the pandemic began, according to the John Hopkins University database. Worldwide, there are 59 million cases and almost 1.4 million deaths.

Texas and California both have over 1 million reported cases of COVID-19. Texas has 1,153,612 million cases, 21,013 deaths, and a 10.6% positivity rate, as of Monday. California has 1,114,524 reported infections and 18,726 deaths, with a 5% positivity rate.

New York, which was the epicenter of the pandemic in the U.S. during the early days of the first surge, has the most deaths of any U.S. state (34,319), followed by Texas, California, Florida (17,991), New Jersey (16,761), and Illinois (12,050).

With Thanksgiving weekend looming, the medical community fears that up to 50 million people traveling to see relatives and friends will create even more community transmission. The Centers for Disease Control and Prevention has asked Americans to stay home.

Medical doctors like the Wyoming Medical Center’s chief of staff, Andy Dunn, have one, reminder for Americans, one that will be more likely if they heed advice. “Be boring, stay put,” he said from his office in Casper, Wyo. “Thanksgiving will happen next year.”

This story is part of a MarketWatch series Dispatches from a Pandemic.



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Oil futures post a third straight gain, buoyed by a weekly drop in U.S. crude supplies


Oil futures posted a third straight gain on Wednesday, getting a boost from a weekly drop of 8 million barrels in U.S. crude supplies. Traders also awaited the outcome of the U.S. presidential elections and weighed prospects for a delay to OPEC+ production-cut curbs set to begin in January. There are obviously “vastly different energy policies” between President Donald Trump and Democratic challenger Joe Biden, so “we’ll have to wait and see how it turns out,” Marshall Steeves, energy markets analyst at IHS Markit, told MarketWatch. “Also, OPEC+ is gravitating toward a rollover of some duration in their production cuts into Q1 of 2021.” Against this backdrop, December West Texas Intermediate crude
CLZ20,
+3.71%

rose $1.49, or 4%, to settle at $39.15 a barrel on the New York Mercantile Exchange.



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