Marriott International completed the contracted sale of the New York EDITION hotel this week for net cash proceeds of approximately $343 million. Marriott will retain its long-term management agreement for the property, which is set to open in May.
Prior to this sale, Marriott sold the London EDITION in 2014 and the Miami Beach EDITION in February. Proceeds from these sales total approximately $816 million.
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Built in 1909 as the headquarters for the Metropolitan Life Insurance Company, a historic 41-story clock tower located directly across from Madison Square Park houses the New York EDITION. Designed by Rockwell Group, the hotel features 273 guestrooms and suites, a restaurant, meeting and event space, lobby bar, spa, and a fitness center.
