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$1.5B Ownership Buyout in Marriott Edition Hotel

Maefield Development and Fortress Investment Group are buying out the Witkoff Group and Winthrop Realty Trust in the hotel project at 20 Times Square, currently under construction.

701 Seventh Ave. 701 Seventh Ave., site of the Marriott Edition hotel

NEW YORK CITY—Maefield Development and Fortress Investment Group are buying out the ownership interest at the Marriott Edition hotel under construction in Times Square as reported in The Real Deal.

The SEC filing indicates the gross sales price is $1.53 billion with the transaction scheduled to close by April 30, 2018.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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