Only a year after it opened, the Times Square EDITION hotel will close its doors permanently this summer, according to various reports.
The 452-room hotel, part of a mixed-use project that once appraised at $2.4 billion, will close on August 13. According to a Bloomberg report, Marriott had warned owner Maefield Development in March that it could go into default on its contract as a result of the COVID-19 pandemic. This latest setback isn’t the only one for the project, according to a story in The Real Deal. In December, French lender Natixis filed to foreclose on the project, claiming that $650 million of the $2 billion in financing it put together was in default.
Photo: Courtesy of Times Square Edition