“2 billion megahotel foreclosed in New York.”
“2 billion megahotels foreclosed in New York.”
The 42-story lodging, designed by Marriott and U.S. businessman Ian Schrager, has suffered the tourism bane in the heart of New York. After two years of litigation led by Natixis to pay off $650 million in loans, Maefield Development has bid farewell to the Edition chain’s newest asset.
Some 452 rooms, a state-of-the-art fitness center, a performance venue, and six unique dining experiences. This was the promise of the Time Square Edition Hotel, designed by Marriott and American entrepreneur Ian Schrager to conquer the chaos and bustle of the iconic Times Square.
The property valued at 2018 at about 2.4 billion has reached the final chapter of the court process last March. Following the ruling in favor of the lenders, the New York State Supreme Court judge scheduled a status conference between the parties to decide how to proceed with the sale of the 42-story luxury lodging in the heart of Manhattan.
The Times Square Edition Hotel fight is being replayed in New York City’s hotel sector. Last January, lodgings posted occupancy rates of just 38%, down from 72% in 2020, according to lodging data provider STR.
Nearly 27% of hotels in the New York metro area financed with commercial mortgage-backed securities are at least 90 days delinquent, according to Bloomberg data.
“The Covid19 pandemic is a nightmare for hotels.”
The ECKN project will promote capital programs for the hotel industry as a sector that generates millions of jobs around the world. For your values you can join our ECKN community and, …, if you are thinking of moving to a new city to improve your work and your life, you can access Ecobanka’s job offers to join our team.
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