Marriott International, Inc. (NASDAQ: MAR) together with Ian Schrager and Carpenter & Company announced that it will open its first hotel in Iceland in 2018, The Reykjavik EDITION. EDITION, the first true luxury-lifestyle brand, combines the personal, intimate, individualized and unique hotel experience that Ian Schrager is known for, with the global reach, operational expertise and scale of Marriott International. Marriott International will manage the hotel under a long-term agreement.
The 250-room hotel will be located on the harbor waterfront in the heart of downtown Reykjavik, immediately adjacent to Harpa, the city’s award winning concert and conference hall.
Speaking at a signing ceremony today in Reykjavik, Sandeep Walia, area vice president for Marriott International, Inc. in Europe, remarked, “Iceland is emerging as one of the most popular tourism destinations in the world for global travelers and we couldn’t be more excited to introduce our EDITION brand to this vibrant country.”
Richard Friedman, president and chief executive officer of Carpenter & Company, the Boston-based owner and developer of the property said, “This project provides a unique opportunity to bring the first world-class, five-star hotel to the booming Icelandic market. We have a long standing history in our company of building highly innovative and successful luxury hotels and we are highly confident that this hotel will be a game changer for all parties,” he continued. “The location of this hotel couldn’t be more spectacular – with the hotel working in conjunction with the city’s well known Harpa center and its location steps away from the vibrant downtown of Reykjavik.”
Ian Schrager, chairman and chief executive officer of Ian Schrager Company, commented, “I am thrilled to continue the global expansion of the new EDITION lifestyle brand with this incredibly exciting project in Reykjavik. The city is emerging as a fascinating cultural hub making it the perfect location for an EDITION.”
The project will be financed by Carpenter and a major Icelandic bank plus local equity investors. The project is the result of several years of intensive urban planning lead by the city of Reykjavik.
Now open in New York, London, Miami and Istanbul, EDITION Hotels has marked the next chapter in the lifestyle hotel story. This delicate balancing act encompasses, for the very first time, not only great design and true innovation, but also great personal, friendly, modern service as well as outstanding, one-of-a-kind food, beverage and entertainment offerings “all under one roof”. The authenticity and originality that Ian Schrager brings to this new brand coupled with the global reach of Marriott International results in a truly distinct product that sets itself apart from anything else currently in the marketplace.
Each hotel with its rare individuality, authenticity, originality and unique ethos reflects the best of the cultural and social milieu of its location and of the time. Although all of the hotels look completely different from each other, the brand’s unifying aesthetic is in its approach and attitude to the modern lifestyle rather than its appearance. EDITION is about an attitude and the way it makes you feel rather than the way it looks. Sophisticated public spaces, finishes, design and details serve the experience, not drive it.
Future hotels are planned for Abu Dhabi (2016), Sanya, China (2016), Bangkok (2016), Times Square (2018), West Hollywood (2018), Reykjavik, Iceland (2018), Wuhan, China (2019), and Bali, Indonesia (2019).
Note on forward-looking statements: This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws, including the parties’ plans for signing and closing on definitive transaction documents; the opening dates and locations for future EDITION hotels; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including the ability of the parties to agree on definitive transaction documents, the receipt of necessary consents, and other risk factors that we identify in our most recent quarterly report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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Ian Schrager Company
For five decades entrepreneur Ian Schrager, chairman and chief executive officer of Ian Schrager Company has achieved international recognition for concepts that have revolutionised both the entertainment and hospitality industries. Schrager’s groundbreaking hotel concepts have changed the business and set industry standards that continue to be imitated throughout the world. I.S.C. owns, develops, manages and brands hotels, residential and mixed use project and has transformed the fabled Gramercy Park Hotel in New York City, created two groundbreaking residential properties, 40 Bond and 50 Gramercy Park North, successfully launched the new brand, PUBLIC Hotels, and is currently working on a second new hotel brand.