15.08.2013 - Marriott to sell three hotels to Abu Dhabi fund
Abu Dhabi government fund is nearing a deal to buy three Marriott International, Inc. (MAR) hotels. The total price tag would total more than $800, which is roughly the amount Marriott spent to acquire, convert, and upgrade the three properties. The hotels – located in London, New York City, and Miami Beach – were originally purchased in an effort to create a new hotel line (branded “Edition”) that would attract younger, affluent travelers. Marriott, however, has struggled to make the Edition Line successful. If the deal with the Abu Dhabi Investment Authority–a major global investor–were to go through, analysts believe other hotel owners may be willing to join Marriott’s Edition lineup...............................................Full Article: Source
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