The latest incarnation of Ian Schrager's Edition design concept is slated to open its doors next month in Manhattan.

Billed as a reclamation of the essence of Times Square when it was "the microcosm of the best New York had the offer", the new hotel will feature 452 guest rooms, a fitness centre, and four storeys of public space, including two restaurants headed by Michelin-starred chef John Fraser, a terrace, and a 5,000 sq ft (464.5 sq m) cabaret-like discotheque called "Paradise Club".

Set to be the Edition's main attraction, Paradise Club will host dramatic and musical performances organised by Brooklyn events company, House of Yes.

Design practices Yabu Pushelberg and I.S.C Design Studio created the Edition's interiors, while Madison Cox oversaw the landscaping plan, which will see the top floor terrace and restaurant decorated with over 300 species of tropical plants.

Aesthetically, the look of the Edition will evoke both Schrager’s varied interests and New York’s cosmopolitan culture by bringing together artistic motifs from numerous sources, including Golden Age illustrator Maxfield Parrish, poet and mystic William Blake, and neo-futurism concept artist Syd Mead (of Blade Runner fame).

Speaking on the hotel's debut, Arne Sorenson, president and CEO of Marriott International, which will be managing the property, said: "The Times Square EDITION is an entirely new lens on Times Square. From an aerie above the hubbub below, you can engage, observe or withdraw."

Schrager commented: "The Golden Age of Times Square elicited the feeling that anything was possible. New York was the City of Dreams, Times Square at its heart, where everyone came together with a common purpose.

"The Times Square Edition is the embodiment of this storied past, resurrected for the present, providing hope for the future of this most beloved neighbourhood.”

The hotel is scheduled to officially open to the public on 12 March.