Posted Jan 2, 2013, 7:17 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,862
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http://online.wsj.com/article/SB1000...al_real_estate
A Hipper Marriott?
by Eliot Brown
January 2, 2012
Quote:
Marriott International Inc. is looking to get hip in Times Square.
The hotel operator is planning a boutique hotel in the tourist-filled Manhattan destination as part of a new 36-story retail and hotel development on 47th Street and Seventh Avenue, according to a real-estate executive briefed on the deal. That location would be just two blocks from the Marriott Marquis, among the largest and busiest hotels in Times Square.
Marriott recently reached a tentative agreement with the development group that includes investors Steven Witkoff, Mark Siffin and Winthrop Realty Trust to brand and operate the hotel as a Marriott Edition, the boutique-style brand the company has been trying to grow, the person says.
Marriott has struggled to build up the Edition brand, which was launched in 2007 in a partnership with hotelier Ian Schrager. The recession slowed the brand's growth.
Recently, Marriott's efforts have gained momentum, and the company has secured deals to put up new Edition hotels in Abu Dhabi, Bangkok and another location in Manhattan, by Madison Square Park.
"We are aggressively pursuing opportunities for our Edition brand," a spokeswoman for Marriott says. She declined to comment on specifics about the Times Square deal.
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