MIAMI—Marriott International, Inc. has sold The Miami Beach Edition hotel for cash proceeds of $230 million. The deal is the second in a series of three anticipated sales of Marriott-owned Edition hotels to companies ultimately owned by the Abu Dhabi Investment Authority (ADIA).
The agreement with ADIA for the sale of these three Edition hotels was announced when the first, The London Edition, was sold to ADIA in January 2014. Marriott expects to sell the third, The New York Edition to ADIA in the first quarter of this year.
“The Miami Beach Edition is a defining example of this extraordinary brand,” said Arne Sorenson, president and CEO of Marriott International. “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.”
The Miami Beach Edition is located between South Beach and North Beach—on a three-and-a-half-acre private enclave stretching from Collins Ave. to the ocean shoreline.
Just a few months ago, Marriott finalized long-term management agreements with owners who will develop an Edition hotel and residences in the Los Angeles area. Located on Sunset Blvd. in West Hollywood, the property is expected to open in 2018.
Edition Hotels, launched by Marriott in partnership with Ian Schrager, combines the intimate, individualized and unique lodging experience for which Ian Schrager is known, with the global reach, operational expertise and scale of Marriott, according to the brand.
In addition to West Hollywood, other Edition hotels are planned for New York (Times Square); Bangkok, Thailand; Sanya and Wuhan, China; Bali, Indonesia; and Abu Dhabi, UAE, with advanced ongoing discussions for other locations.