Marriott International, Inc. (NYSE: MAR) today announced five new hotels for EDITION, a luxury lifestyle hotel brand created in partnership with Ian Schrager. The company said that the brand is on track to have six hotels operating in major global gateway cities on three continents by 2015, including one of Manhattan's most beloved buildings, the "Clock Tower." New EDITION hotels being announced today also include projects under construction in Bangkok and Abu Dhabi, as well as contracts signed for hotels in Los Angeles and Gurgaon, India.
The New York EDITION will be located at the landmark Clock Tower building at 5 Madison Avenue, which was acquired for $165 million from prior owner Africa Israel USA. While design work is already underway, the renovation and conversion of the iconic Clock Tower building will begin in late 2012.
"New York is one of the most important destinations in the world, and we are delighted to have secured the Clock Tower as a singular, iconic structure that will become a flagship for the EDITION brand and one of New York's most compelling places to stay," said Arne Sorenson, Marriott's president and chief operating officer. "While the rollout of the EDITION brand was slowed by the global economic downturn, we remain strongly committed to this brand and are dedicated to its continued development and success. We are thrilled to add the Clock Tower building to our Edition portfolio," said Mr. Sorenson. "We have a number of other exciting projects under way which we expect to announce in the coming months."
The Bangkok EDITION will be part of a mixed-use development planned for one of the tallest buildings in Bangkok. The Abu Dhabi EDITION will be part of the prestigious Al Bateen Harbor complex within the Abu Dhabi Marina, an upscale mixed-use development including luxury residential and retail.
"It is a privilege and a once in a lifetime opportunity to work with Marriott on the first EDITION in New York City at the iconic Clock Tower building. This exciting project, along with all of the current and future projects in the pipeline, will prove that EDITION hotels are like no others in the world," said Ian Schrager.
Marriott International is developing EDITION hotels in Miami Beach, London and now New York, reflecting confidence in the brand's future growth and success. The company expects to recycle its property investments over time through the sale of the hotels while maintaining long-term management contracts.
The London EDITION will open next year in the historic building formerly known as the Berners Hotel, located in the city's Fitzrovia neighborhood. The Miami Beach EDITION, under construction in the former Seville Hotel, is expected to open in late 2013. The Istanbul EDITION is open and operating under a long-term management agreement.
EDITION combines the personal, individualized and unique experiences which Ian Schrager is known for, with the global reach and operational expertise of Marriott International. In keeping with the identity of EDITION, Mr. Schrager will lead the creative design and positioning of these hotels.
EDITION is an unexpected and refreshing collection of customized, cutting-edge, and one-of-a-kind properties. Each one is thoughtfully designed to reflect the individuality, authenticity, and unique attributes of its location, while appealing to a sophisticated traveler who is accustomed to extraordinary service with a modern touch. Properties are intended to showcase the best in dining and nightlife, services and amenities for travelers and local residents.
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