23.02.2015 - Abu Dhabi fund buys hotel in Miami Beach for $230 million
An investment group from the United Arab Emirates bought the newly-opened Miami Beach Edition hotel for $230 million. Hotel company Marriott International had developed the beach property, which opened in December and $1,000-per-night rates. It sold the 294-room hotel to companies owned by the Abu Dhabi Investment Authority, according to The Miami Herald newspaper. Maryland-based Marriott had announced in 2013 that it intended to sell three Edition hotels — in Miami Beach, London and New York — to the sovereign wealth fund for a total of $800 million, while retaining long-term management agreements, the newspaper said. The Abu Dhabi Investment Authority invests money on behalf of the government of the oil-rich emirate of Abu Dhabi in the Persian Gulf. By some estimates, its assets now top $800 billion...............................................Full Article: Source
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