Abu Dhabi Investment Authority Acquires Some EDITION Hotels from Marriott
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
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