Just a year after its much-anticipated opening, The Times Square Edition announced it will close permanently on or around August 13 this year.
Marriott International, which operates the Edition brand in partnership with Ian Shrager, warned owner Maefield Development in March that a cash shortfall due to the outbreak could put the developer in default on its contract with the lodging giant, according to a report by Bloomberg. 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.
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 of tourists. In December, a group of lenders led sought to foreclose on the project, which includes the 452-room hotel, retail space and digital signage.
The hotel also included food and beverage projects led by Michelin-starred chef John Fraser. Venues include the fine dining restaurant 701 West, The Terrace Restaurant and Outdoor Gardens, The Lobby Bar and a cabaret venue, The Paradise Club. The cabaret regularly presented a performance based on William Blake’s “The Marriage of Heaven and Hell.”
Recently, New York Governor Andrew Cuomo extended “New York On PAUSE,” the state’s stay-at-home measures in response to COVID-19, through May 28 for New York City. Regions can be “UN-PAUSED” to moment they reach seven checkpoints (currently, New York City has checked off four).