Marriott Sells New York EDITION, Retains Long-term Management Agreement (United States)
Manhattan’s first EDITION in landmark Clock Tower Building Scheduled to Open in May |
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Marriott Sells New York EDITION, Retains Long-term Management Agreement (United States)
Manhattan’s first EDITION in landmark Clock Tower Building Scheduled to Open in May |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2015-04-02
Marriott International, Inc. (NASDAQ: MAR) 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. Originally built in 1909 as the headquarters for The Metropolitan Life Insurance Company, the historic 41-story clock tower is a New York landmark. The hotel’s interior, designed by world-renowned 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, an intimate 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 and unique lodging experience for which Ian Schrager is known, with the global reach, operational expertise 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 exciting locations.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,100 properties in 79 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton, BVlgari, EDITION, JW Marriott, Autograph Collection Hotels, Renaissance Hotels, Marriott Hotels, Delta Hotels and Resorts, Marriott Executive Apartments, Marriott Vacation Club, Gaylord Hotels, AC Hotels by Marriott, Courtyard, Residence Inn, SpringHill Suites, Fairfield Inn & Suites, TownePlace Suites, Protea Hotels and MoxyHotels. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards and The Ritz-Carlton Rewards program, which together surpass 49 million members. For more information or reservations, please visit our website at www.marriott.com.
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