20.02.2015 - Marriott sells Miami Beach Edition hotel for $230M
Marriott International has sold the Miami Beach Edition hotel for $230 million to the Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by Emirate of Abu Dhabi. The Maryland-based company announced Thursday that the property at 2901 Collins Avenue in Miami Beach is one of three Edition properties being sold to ADIA. The first was the London Edition sold in January 2014 and Marriott expects to sell the third Edition hotel, New York Edition, in the first quarter of 2015. Marriott is currently developing Florida's first AC Hotel nearby at 2912 Collins Avenue in Miami Beach with Robert Finvarb Companies, which is set to open in April. As previously reported, the Miami Beach hotel opened in November and doubled its budgeted profitability during the first two months of operations, said Ian Schrager who worked with Marriott to build the property...............................................Full Article: Source