25 Mar Edition hotel in Times Square dazzles on 47th Street
New York Post March 25, 2019
It took seven years for the Times Square Edition hotel to open at the corner of Seventh Avenue and West 47th Street after the project was announced in 2012.
But Maefield Development, Fortress Investment, Marriott International and Edition-brand creator Ian Schrager hit the sweet spot after a “Grand Hotel”-worthy saga of construction delays, refinancings and partnership changes.
The 42-story, 452-room luxury inn officially opened on March 12, just in time to catch the wave of a Manhattan hotel market that’s cresting after a lull.
Although the Edition’s rooms are opening in stages, occupancy is close to 96 percent in the ones that are available, Schrager said.
“Rooms are full, all restaurants at capacity, and the [cabaret venue] Paradise Club is sold out and killing it,” he said.
Cushman & Wakefield hotel specialist Tom McConnell said, “If they opened two years ago, they would have stepped into a spongy market. Today, they’d probably get 96 percent even if it was all the rooms.”
Maefield declined to comment. Studio 54 co-creator Schrager, who isn’t known for understatement, said, “The bustling, energized and naughty, haughty chaos of Times Square and the pristine, sophisticated, elegant and refined experience of the Edition are two opposites that attract each other and together create a new and magical third zone where the diversity of the people from the two different extremes, like Studio 54, will create a tsunami. It’s what made Studio so special and will do the same for Times Square.”