Ian Schrager is in the hospitality business. Hotels or nightclubs, uptown or downtown, Miami or Manhattan, Schrager defines luxury and leisure. When he and his late business partner Steve Rubell opened Studio 54 in 1977, the club quickly became the epitome of the disco era's cultural mores. It was Mick Jagger, Andy Warhol, Cher, and as Schrager recalls, "serious, sweaty dancing." Today, Schrager says nightclubs are a young person's business; he's long since reinvented himself as one of the inventors of the boutique hotel. The aim, he tells host Alec Baldwin, is essentially the same: make people comfortable, and change their expectations. At 68, Schrager shows no sign of slowing down; his heroes are Giorgio Armani and Clint Eastwood—passionate people who are inspired by work they love.