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Abu Dhabi Investment Authority Acquires Some EDITION Hotels from Marriott

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The Abu Dhabi Investment Authority is truly a buyer of hotels. Marriott International, Inc. sold the London EDITION and penned binding agreements to sell two other EDITION hotels under development in Miami Beach and Manhattan. The price tag for all three is approximately US$ 815 million. The price is about equal to the aggregate estimated total development costs of all three hotel properties.

Like many hotel acquisitions from hotel companies, the seller will remain an operator of the properties under long-term management contracts.

The EDITION brand had a rough start, especially with aftermath of the global financial crisis. Talks to sell the hotel properties gained momentum in the summer of 2013.

According to the press release, Arne Sorenson, president and chief executive officer of Marriott International, mentions, “The sale of all three company-owned hotels is a powerful endorsement of our EDITION brand.”

Related article: Abu Dhabi Investment Authority is a Buyer of Hotels

PGGM Executed its Inaugural Cleared Securities Lending Trade

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Service providers are keen on getting more beneficial owners to participate in the cleared securities lending market. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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