Finance & DevelopmentFinanceMarriott Completes New York EDITION Sale

Marriott Completes New York EDITION Sale

BETHESDA, Md.—Marriott International, Inc. has announced it has completed the previously contracted sale of The New York EDITION hotel for net cash proceeds of approximately $343 million. Today’s transaction is the last in a series of three sales of Marriott-owned EDITION hotels, including the London EDITION (completed in 2014), the Miami Beach EDITION (completed in February 2015) and the New York EDITION. Combined proceeds from the sale of these hotels total approximately $816 million.

“Following successful openings of The London EDITION and The Miami Beach EDITION, we couldn’t be more thrilled to welcome The New York EDITION in the iconic Clock Tower building to our portfolio,” said Arne Sorenson, Marriott’s president and chief executive officer. “This hotel will become a flagship for the EDITION brand and one of New York’s most exciting places to stay when it opens later this spring.”

The New York EDITION sits directly across from Madison Square Park, centrally located on 24th Street and Madison Avenue. The historic 41-story clock tower was originally built in 1909 as the headquarters for The Metropolitan Life Insurance Company. The hotel’s interior, designed by architect David Rockwell, will evoke the intimacy of a private home. The New York EDITION will feature 273 guest rooms and suites with spectacular views of the city, as well as a restaurant, versatile meeting and event space, a lobby bar; and a state-of-the-art fitness center and spa.

EDITION Hotels, launched by Marriott in partnership with Ian Schrager, combines the intimate, individualized lodging experience for which Ian Schrager is known, with the global reach and scale of Marriott. In addition to West Hollywood, other EDITION hotels are planned for New York (Times Square); Bangkok, Thailand; Sanya and Wuhan, China; Bali, Indonesia; and Abu Dhabi, UAE with ongoing discussions for other locations.

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