Abu Dhabi Investment Authority (ADIA) has purchased The Miami Beach EDITION hotel from Marriott International for around $230m.
The current deal is the second in a series of three anticipated sales of Marriott-owned EDITION hotels to firms owned by ADIA.
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The agreement to sell three EDITION properties was first announced in January 2014, when the London EDITION was sold to ADIA.
Marriott is planning to sell its third property to ADIA, The New York EDITION, in the first quarter of 2015.
Marriott International president and CEO: "The Miami Beach EDITION is a defining example of this extraordinary brand.
"We look forward to welcoming and delighting many thousands of guests at this spectacular hotel in a world-renowned destination… one that is certain to be known as the next-generation urban resort."
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By GlobalDataSituated between South Beach and North Beach of Miami, the property is a complex of structures, spaces, and settings, offering a new kind of resort environment.
Marriott finalised for long-term management agreements a few months back with owners, who will build an EDITION hotel and residences in the Los Angeles area.
Situated on the famed Sunset Boulevard in West Hollywood, the property is slated to open in 2018.
Introduced by Marriott in collaboration with Ian Schrager, EDITION hotels are planned for New York, US, Bangkok, Thailand, Sanya and Wuhan, China, Bali, Indonesia and Abu Dhabi, UAE, in addition to West Hollywood.
Image: The Miami Beach EDITION hotel. Photo: courtesy of Marriott International, Inc.
