Despite taking some time to get off the ground, it looks like investor interest in Marriott’s Edition brand is growing. Following the sale of three Edition properties—located in London, Miami, and Manhattan—to owners affiliated with the Abu Dhabi Investment Authority, it looks like another Edition hotel is poised to spring up in New York.
Winthrop Realty Trust announced that its venture with The Witkoff Group and New Valley, which owns the property located at 701 Seventh Avenue, has refinanced its debt and has entered into additional loan agreements which will provide construction financing for a 452 room hotel which will be constructed above a retail component at the Times Square location.
The venture executed an agreement with a wholly-owned affiliate of Marriott International to manage and operate the hotel at the property. The Edition will include 452 rooms and approximately 30,000 square feet of food, beverage, and entertainment space.
Construction of the retail and hotel space is expected to be completed in 2017.