Hotel entrepreneur Ian Schrager will launch a new luxury called PUBLIC later this year.

The first Public property will open in Chicago by the end of the year and is the first of two new brands being launched by Schrager.

PUBLIC Chicago will open at site of the iconic Ambassador East Hotel, which is currently being redeveloped by Ian Schrager Company.

Schrager describes PUBLIC as being a "revitalization of the hotel concept itself and another worldwide wakeup call for the entire industry".

Although exact details and facilities are to be confirmed, the brand will look to combine the luxury and boutique markets but at a lower price, taking "the best from the limited service model" to create a high-end product "available to everyone".