Marriott International has announced plans to open a new EDITION brand hotel at the Times Square in New York City, US.
Scheduled to open in 2017, the Times Square EDITION hotel, representing the second property of the brand in the city, will be developed in collaboration with Ian Schrager and The Witkoff Group, Winthrop Realty Trust, New Valley and Maefield Development.
Times Square EDITION, which will be managed by Marriott International, will follow the expected 2015 debut of Manhattan’s first EDITION property located in the landmark Clock Tower building at 5, Madison Avenue.
The new property will feature floor to ceiling windows offering views of Manhattan in 70% of its 452 guest rooms, a 100,000ft² flagship retail, dining, entertainment and event space as well as an 18,000ft² HD LED sign.
Marriott’s president and chief executive officer, Arne Sorenson, said New York is one of the most important destinations in the world, and the group is delighted to have secured yet another iconic Manhattan location for its second EDITION hotel in the city.
"Following the hugely successful opening of the London EDITION last year, we couldn’t be more excited about the potential for this brand," Sorenson said.
Marriott International has received a construction loan of $815m from Starwood Property Trust and iStar Financial for the mixed use project, including the hotel and retail space.
Starwood Property Trust, Starwood Capital Group Global and its affiliates will have share in the transaction, while Marriott also committed to purchase the hotel component of the property during the first two years after opening for $314.6m as additional collateral for the loan.
The Witkoff Group chairman and CEO Steven Witkoff said the group is excited to team up with Marriott International, Ian Schrager and its partners to complete the most significant new development in Times Square in a number of years.
"In addition to introducing the extraordinary EDITION brand to Midtown, the project will feature a significant amount of prime retail space in one of the world’s most trafficked and successful shopping districts," Witkoff said.
Image: Times Square, New York. Photo: courtesy of Marriott International.
