West Hollywood Edition breaks ground
New York developers Witkoff Group and New Valley have secured $260 million to build the West Hollywood Edition Hotel & Residences, set to start this spring.
The LA property will be the first Edition hotel on the West coast. Financing has been arranged by Jones Lang Lasalle, and will cover the majority of the hotel’s $300m construction budget.
Expected to open in 2018, the West Hollywood Edition will be a world-class, luxury lifestyle hotel and the brand’s flagship location on the West Coast.
Steve Witkoff, CEO of The Witkoff Group, said: “This is an exciting milestone in our partnership with Marriott. As we finalise construction of the new Edition Times Square hotel in New York, which we expect to open in 2017, it’s incredibly gratifying to embark on a new project that will bring an exceptional Edition hotel and truly spectacular Edition residences to the West Hollywood area of Los Angeles.”
Ian Schrager, CEO of Ian Schrager Company, commented: “West Hollywood is a great city and I’m thrilled to be doing a spectacular new Edition there with my good friends and partners Marriott and The Witkoff group.”
The partnership between Howard Lorder’s New Valley and Steve Witkoff’s Witkoff Group sold the Miami beach and New York Edition hotels to the Abu Dhabi Investment Authority for more than $500m combined.
Upcoming openings include Sanya (China), Bangkok, Abu Dhabi, Shanghai, Times Square (New York), Reykjavik, West Hollywood, Wuhan, Bali and Dubai.
