times square edition hotel closing

For example, Marriott's shiny new Edition Times Square, which opened with much fanfare last year announced in May that it would close permanently. The owner of another hotel in Times Square, the Hilton on West 42 Street, wrote down the value of the property to less than its $77 million mortgage earlier in May and warned investors that it may hand it over to lenders, according to Bloomberg. … The Times Square EDITION has partnered with Michelin-starred Chef John Fraser to helm all of the food and beverage outlets at the area’s first luxury hotel. Maefield Development reportedly ran into challenges at the property before the COVID-19 (coronavirus) pandemic resulted in the closure of Broadway and emptied Times Square … Featuring 452 guest rooms, a state-of-the-art fitness … Skip to main content Thanks for contacting us. The lender on Maefield’s 20 Times Square project moved to foreclose in December, Ian Schrager, 20 Times Square and Maefield Development’s Mark Siffin (Credit: Getty, PBDW Architects). The mixed-use project, once appraised at $2.4 billion, has significant digital signage and retail space. This website uses cookies to improve your experience while you navigate through the website. A fixture of the Manhattan skyline, the hotel boasts elegant architecture and is minutes away from Times Square and Grand Central Terminal. Now, the hotel operator is making good on the warning and yanking its flag. When the project began in 2012, Maefield’s partners in the venture included Steve Witfkoff, Winthrop Realty Trust, the Carlton Group, Howard Lorber’s New Valley and Fortress Investment Group. Our new Spectrum News app is the most convenient way to get the stories that matter to you. Here at our 5-star hotel in New York City's Times Square, urban energy fuels an enchanting escape as sweeping views of the midtown skyline transport you to an oasis above the bustle. This category only includes cookies that ensures basic functionalities and security features of the website. [Bloomberg] — Erin Hudson. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. The 42nd street hotel in the heart of Times Square has 478 rooms across 44 stories, the Commercial Observer reported. The Hilton’s closing means about 200 workers who have been furloughed since March will lose their jobs permanently. View deals for The Times Square EDITION, including fully refundable rates with free cancellation. You also have the option to opt-out of these cookies. All rights reserved © 2020 The Real Deal is a registered Trademark of Korangy Publishing Inc. The Wall Street Journal reported that the 452-room, 1-year-old Times Square Edition hotel might close in August. NEW YORK - The Times Square Edition Hotel is closing just over a year after it opened. Marriott’s notice comes after the operator warned the hotel owner, Maefield Development, back in March that the owner could go into default on its contract as a result of the pandemic, Bloomberg reported. Try again later. The hotel is part of a mixed-use property once appraised at $2.4 billion, according to a 2018 report from Moody’s Investors Service, it adds. The upscale high-rise with 452 rooms will shut down permanently by August 13. The New York Hotel and Trades Council, the city’s powerful hotel trade union, reported earlier this week that 20,000 of its 35,000 members had been laid off. The five-star Times Square Edition is NYC’s first hotel closing permanently due to coronavirus. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Along with The Times Square Edition, this impacted Schrager's other hotels including the Herzog and de Meuron-designed Public. Here at our 5-star hotel in New York City's Times Square, urban energy fuels an enchanting escape as sweeping views of the midtown skyline transport you to an oasis above the bustle. The hotel also boasts distinctive food and beverage outlets including a signature restaurant leading out onto a 5,800 sq. In a public filing on Monday with the New York State Department of Labor, the hotel's owners announced the “permanent closing” of the 478-room hotel on October 1. Many hotels, already operating on thin margins before the coronavirus brought business to a halt, have been pushed to the edge as a result of the shutdown. It’s the latest in the ongoing saga at Mark Siffin’s 20 Times Square project. The 478-room hotel, located at 234 West 42nd Street, has been closed since the pandemic-induced shutdowns began in March, and will close permanently by Oct. 14, according to a WARN Act Notice filed by the hotel’s owners, Sunstone Hotel … The Times Square EDITION introduces the next generation of modern luxury. I didn't stay here but had drinks and dinner at the restaurant on 9th floor. In December, one of the developer’s lenders, French bank Natixis, filed to foreclose on the project. For Maefield marketing data, and this hotel also features 3 restaurants and 4 bars `` a entrant! And marriott — opened the 452-room, 1-year-old Times Square. View deals for the Times Square Edition the! Stored in your browser only with your consent the food, drinks, ambiance awesome... Tenants include Hershey’s and previously, the NFL experience, a state-of-the-art fitness … deals... 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