Ian Schrager has taken a landmarked 1950s hotel and turned it into The Edition, a 394-room urban resort with a residential component. Guest rooms have light oak-paneled walls and ivory porcelain-slab tiled floors. Outside there are two swimming pools and a private beach. Inside, The Basement is a multi-dimensional "entertainment hub" housing a nightclub with DJs, bowling alley and iceskating rink, all with state-of-the-art sound system and lighting. Chef Jean-Georges Vongerich does his take on Latin cuisine in the Matador Room and re-creates a classic Miami Beach coffee shop in Market.