Bard Family Out?

Update --   We have talked to a source who has spoken with the Bards.  They have been forced out of their management role.  As far as we know they still retain their ownership share.  Stanley Bard took over operation of the hotel from his father, David Bard, in the mid-1950s. (By the  way, today, June 16, is Stanley Bard's 73^rd birthday. How weird is that?)  Stanley has always managed to keep the rents at least somewhat affordable for the writers and artists in residence, but now his partners (represented by a board of director) have forced him and his son out of their management roles.  This certainly means the end of an era for the hotel.  We have been hearing rumors since early 2006 that the board was putting pressure on Stanley to make the hotel more profitable.  --
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Numerous sources are reporting that the Bard family is no longer in charge of the Chelsea Hotel.  Apparently this occurred Thursday night when a member of the board came to the hotel to deliver the news to Stanley that he was out.  Stanley was seen staggering out of his office in disbelief at the news.  Although he had been under pressure from the board for some time this apparently came as a bolt out of the blue. 

We have it on good sources that an outside management corporation will take over operation of the hotel on Monday.  Of course, we'll all wait to see what Monday brings.    There is still a possibility that these rumors will prove unfounded.  Stanley Bard is a tough cookie.  So no one should panic yet. 

We will add to this breaking story as we learn more information.