Edition Hotel to open in West Hollywood in 2018. The project from New York developer Witkoff Group will be the first West Coast outpost for the Edition hotel brand, a collaboration between hospitality giant Marriott International and former nightclub impresario Ian Schrager, a pioneer of the boutique hotel business.
The financing, disclosed this week and arranged by brokerage Jones Lang Lasalle, will cover most of the estimated $300-million construction budget for the project at Sunset Boulevard and Doheny Drive, which will include as many as 20 expensive condos.
The Edition West Hollywood will be a boutique hotel, with a focus on unique and high-end design as well as trendy restaurants and nightlife. The category has been a hot one in the hotel business, especially in urban areas such as Los Angeles, where the new hotel will be competing with the Standard, the SLS Beverly Hills and Starwood’s W hotels, which cover territory from downtown to Westwood.
The Edition also will be less than a mile away from the Mondrian, a hotel that Schrager developed years ago with his former company, boutique hotel pioneer Morgans Hotel Group.
It is expected that the Edition West Hollywood will command “extremely high average daily rates” of $400 to $500, which would be more than double the average room rate of hotels in downtown Los Angeles.
At the Edition in Miami, the lowest available room rates over the next month range from $430 to more than $1,000. At the Edition in Manhattan’s Flatiron district, room rates range from about $300 to $700.