Hotel giant Marriott International is to expand its partnership with hotel pioneer Ian Schrager with the opening of the group’s first hotel in Iceland.

To be operated under the luxury lifestyle brand Edition, the 250-bedroom property in the capital Reykjavik will be located on the city's waterfront and adjacent to Harpa – the country’s premier concert and entertainment hall.

The Reykjavik Edition will be financed by property developer Carpenter & Company, a major Icelandic bank and local equity investors. The project is the result of several years of intensive urban planning, lead by the city of Reykjavik.

Ian Schrager, said: “I’m thrilled to continue the global expansion of the new Edition lifestyle brand with this incredibly exciting project in Reykjavik. The city is emerging as a fascinating cultural hub making it the perfect location for an Edition.”

Following the brand’s ethos Reykjavik Edition's design will differ from other Edition properties and will offer “individuality, authenticity, originality – reflecting the best of the cultural and social milieu of its location and of the time”.

Richard Friedman, president and CEO of Boston-based Carpenter & Company, which will own the property, said: “The location of this hotel couldn’t be more spectacular – with the hotel working in conjunction with the city’s well known Harpa centre and its location steps away from the vibrant downtown of Reykjavik.”

The Harpa centre was designed by Henning Larsen Architects in co-operation with Danish-Icelandic artist Olafur Eliasson.

The revealing of the Reykjavik project follows an announcement earlier this month of plans to launch an Edition hotel in Dubai, the United Arab Emirates (UAE). Scheduled to open in 2018, the new hotel will follow the 2016 opening of Edition Abu Dhabi.

Future Edition hotels are also planned for Sanya, China (2016), Bangkok (2016), Times Square (2018), West Hollywood (2018), Wuhan, China (2019), and Bali, Indonesia (2019).

There are currently four Editions open and operating – in New York, London, Miami and Istanbul.