Marriott International to Sell Three New Edition Hotels to Abu Dhabi Group
Marriott International has reached a preliminary agreement to sell three Edition properties now under construction in London, South Florida and Manhattan for about $800 million, according to press reports. The reported buyer is Abu Dhabi Investment Authority, or ADIA. The sale of each property is expected to occur once construction is completed. The 173-room London Edition is slated for completion next month, while the 250-room Miami Beach Edition will open in mid-2014 and the 355-room Clock Tower Edition in New York City is set to debut in 2015. Currently, just one Edition-branded property, the 78-room Istanbul Edition, is open.