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Hawaiian locale vexed by low occupancy
The owners of the first Edition hotel are suing to end their management agreement with Marriott International Inc., claiming that the company has failed to make a new hotel brand a success, The Wall Street Journal reports. The lawsuit, filed in New York Supreme Court by M Waikiki LLC, also names as a defendant Ian Schrager, Marriott's partner on the Edition hotel brand, alleging that the famed hotelier has been uninvolved in the project. The suit seeks unspecified financial damages.
Schrager said through a representative Thursday that he wasn't aware of the suit and directed inquiries to Marriott. A Marriott spokesman said that the company had not had enough time to review the suit, the Journal reports.
The hotel, in Honolulu's Waikiki neighborhood, is one of just two Edition hotels that have opened, and the owners of the Waikiki locale allege the brand isn't growing quickly enough. The owners say the hotel has lost $6 million since it opened in October 2010, with occupancy just around 30 percent in the fourth quarter of 2010, not the 62 percent rate Marriott had predicted earlier, the business newspaper reports.
Schrager has focused in the last year on developing two new hotel brands. Earlier this week, he provided the first details about one of those brands, called Public.
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