Marriott completed the sale of The New York Edition hotel for net cash proceeds of approximately $343 million.
The 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. Marriott will still manage the New York property
“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, located on 24th Street and Madison Avenue. The hotel will have 273 guestrooms and suites, a restaurant, meeting and event space, a lobby bar, fitness center and a spa.
Other Edition hotels are planned for West Hollywood, New York (Times Square); Bangkok, Thailand; Sanya and Wuhan, China; Bali, Indonesia; and Abu Dhabi, UAE.