Fresh off Wednesday’s hotel development news for the former TWA terminal at JFK, comes Marriott’s announced sale of their yet to open (and Ian Schrager designed) Edition Hotel. The hotel will be located inside the iconic MetLife Tower (pretty awesome in itself) in New York City and is set to open in 2015. It will also be one of Marriott’s first boutique-style Edition hotels, the Istanbul property is currently open with the London Edition set to open this September.
As per the New York Business Journal:
Marriott International Inc. is close to selling three hotels under development, including one in Manhattan, to an Abu Dhabi government fund. A potential deal with the Abu Dhabi Investment Authority isn’t yet final but sources told Dow Jones Newswires it could be worth more than $800 million. The hotels in London, Miami Beach and New York are part of Marriott’s Edition brand hotels the company is developing with hotelier Ian Schrager,according to Dow Jones…A potential deal could also bolster the Edition brand, which aims to compete with edgier concept hotels such as W, owned by Starwood Hotels & Resorts Worldwide Inc. Marriott plans to open an Edition hotel in London on Sept. 12, while the Manhattan hotel — a conversion of the former MetLife Inc. office tower — is set to open in 2015. The Miami Beach hotel will open next year.
The New York Post adds:
….Marriott International and Ian Schrager’s Edition Hotel in the Clock Tower building will open in 2015 with 355 luxury rooms. The 100-year-old, 42-story landmark at 5 Madison Ave. will also have a restaurant on the first and second floors, a third-floor banquet facility and 38th-floor spa…the floor data is from recent Dept. of Buildings filings, which also mention a 26th-floor “clock machine room” to operate the famous four-faced timepiece. Marriott bought the tower last year from Africa Israel for $165 million after Tommy Hilfiger backed out of a deal to purchase it.
Both articles note that any sale would be subject to long-term management agreements with Marriott.