Sun, May 22, 2022
A A A
Welcome mteam
RSS

Sovereign Wealth Funds Briefing - Categorized | Investment

Abu Dhabi fund buys hotel in Miami Beach for $230 million

Posted on 23 February 2015

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


 Article link

This post was written by:

VRS - who has written 19873 posts on Opalesque Sovereign Wealth Funds Briefing.


Contact the author

Comments are closed.

banner
banner
May 2022
M T W T F S S
« Nov    
 1
2345678
9101112131415
16171819202122
23242526272829
3031