Marriott Sells New York Edition, Retains Long-term Management Agreement

BETHESDA, MD—Marriott International, Inc. has completed the previously contracted sale of The New York Edition hotel for net cash proceeds of approximately $343 million. It’s 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) 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 CEO. “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 St. and Madison Ave. 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 architect David Rockwell, will evoke the intimacy of a private home, according to the company. The New York Edition will feature 273 guestrooms and suites, a restaurant, versatile meeting and event space, an intimate lobby bar, and a state-of-the-art fitness center and spa.