What do you do when you wake up one morning convinced that the intangible hipness on which you based your enormous professional success no longer exists? If you're hotel impresario Ian Schrager, you replace the proverbial velvet rope with a comfy velvet cushion.

Perhaps that's logical for a 60-year-old and for a nation that's going to be teeming with them. Schrager, who revolutionized the hotel industry in the 1990s with his highly designed boutique properties like the Delano in Miami, is back in business and looking to launch yet another lifestyle revolution with his idiosyncratic Gramercy Park Hotel, opening this week at that fabled Manhattan location. Schrager wants to restore the celebrity of that address with a $200 million, 185-room hotel and adjacent condominium property.

This time Schrager is selling a completely different look, one he calls the antithesis of hip. The sleek modernism he pioneered with French designer Philippe Starck has been replaced by an opulent interior designed by the artist Julian Schnabel. The idea is to create a space that looks like an artist's studio. Instead of three-legged stools and linoleum floors, there are deep velvet sofas, stuccoed walls and Giacometti-style cast-bronze doorknobs.

Schrager calls it eclectic bohemian, a very personal response to what he sees as an overdesigned, overbranded and perhaps overaccessible idea of luxury. "There's going to be a backlash against all this branding," Schrager said on a recent tour of the lobby. "Everything hip is now immediately co-opted by the mainstream. I wanted to make something very individualized and unique."

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