Two quintessentially New York developers are eyeing the Golden State for their latest collaboration.
Howard Lorber’s New Valley and developer Steven Witkoff’s Witkoff Group scored a $260 million loan for the construction of the first Edition hotel on the West Coast, The Real Deal has learned.
The financing was provided by Cornerstone Real Estate Advisors, the same lender behind the recent refinancing of 45 Broadway in Lower Manhattan.
The West Hollywood hotel, which Lorber and Witkoff are developing in partnership with Marriott and hotelier Ian Schrager, will be the Edition’s West Coast flagship, with 190 hotel rooms, 20 condominium units, a restaurant, bar, two rooftop pools and nightlife venues.
The same partnership sold the first New York and Miami Beach Edition hotels to the Abu Dhabi Investment Authority earlier this year for a combined $567 million. Another Edition hotel is currently under construction in Times Square, at 701 Seventh Avenue.
A JLL team led by Dustin Stolly and Samantha Fisher brokered the financing on behalf of Lorber and Witkoff.
“Given its programming, brand affiliation, and prime location at Sunset and Doheny, this project is uniquely positioned within the West Hollywood and Beverly Hills submarkets, which are both experiencing strong growth,” Fisher said.