The latest Edition branded hotel to open is to close permanently as a result of the coronavirus.
The Times Square Edition in New York opened last year as a partnership between hotelier Ian Schrager and Marriott International, but will close on August 13 due to a cash shortfall.
Bloomberg reported that lack of cashflow put the hotel’s developer Maefield Development in default of its contract with Marriott and ‘exacerbated’ financial difficulties the 452-bedroom hotel was already struggling with.
In December 2019, a group of lenders had sought to foreclose on the project.
The Times Square Edition had been closed since late March when New York was placed in lockdown and all non-essential businesses were ordered to shut. The city currently is scheduled to remain on ‘pause’ until May 25.
The Times Square Edition was the most recent outpost of the Edition brand, joining other properties in London, Miami and Hawaii.
Alongside its bedrooms, the hotel also comprised the Paradise Club nightclub, and F&B outlets led by Michelin-starred chef John Fraser.