A PUBLIC nuisance.
We stayed in a suite here for a weekend visiting relatives. First of all, I've been to other Ian Schrager hotels, and this kind sir, is not worthy of you. It's obnoxious to call this a luxury hotel. There are cost-cutting measures galore. To wit: Room service breakfast and lunch arrives in paper bags with plastic plates. There is no espresso or cappuccino available for room service, just coffee that quite honestly tasted like cigarettes in hot water. The mattresses are one step above futons. The pillows are flat and thin. The toiletries are teeny tiny. The air conditioning is ancient, loud and blasting. The shower curtain comes from Target. It also does that thing where it wraps around you as you try to shower. The entire bathroom is cramped, with one sink, a tub shower--for a suite! The minibar has Red Bull, good, but where is a decent array of foxy cool drink selections. This is the man who started Studio 54! 
The lobby, for Chicago, may be a revelation, but it's an unimaginative bit of luxe compared to the Delano in Miami, the Royalton in NYC and the now closed Gramercy Park Hotel in NYC.
The concierge needs a refresher course in the nabe. We asked for a bar, he sent us to what he called a wine bar, but was a tired restaurant where people were watching sports and drinking beer.