ADIA (Abu Dhabi Investment Authority) has bought the Miami Beach Edition Marriott International group. The amount of the transaction is estimated at 230 million dollars, or approximately 203.3 million euros.
Marriott International has announced the sale of the Miami Beach Edition to ADIA, the Abu Dhabi sovereign fund, for 230 million dollars, or more than 200 million euros. This sale is the second in a series of three that Marriott International anticipates with the same buyer. After the London Edition in January 2014 and this one in Miami, New York Edition will enter the Emirate portfolio in a few weeks. Located on Madison Avenue, the hotel is not yet open and its opening day has not been set. Marriott International will continue to manage all its properties under management contracts.
Other Edition properties have been announced by Marriott International and its partner Ian Schrager between 2016 and 2019. Three in China (Sanya, Shanghai, Wuhan), one in Abu Dhabi, one in Bangkok, one in Bali, one in India (Gurgaon), a second in New York and one in West Hollywood. The latter will also be owned by the sovereign fund ADIA. The amount of the transaction has not been disclosed.
Also read:
Marriott gains an edge in the Waikiki Edition struggle
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