Marriott Inks $800M Deal To Hand Over 3 Edition Hotels

Law360, New York (August 16, 2013, 1:59 PM EDT) -- After days of speculation, Marriott confirmed Friday that it plans to sell off three hotels from its fledgling luxury brand, Edition, for $800 million, according to an investor announcement.

The company disclosed that it had inked a nonbinding letter of intent to shed the new hotels, which are all currently under construction and located in the major hospitality markets of Manhattan, Miami Beach and London. Marriott did not name the buyer, but Abu Dhabi Investment Authority is said to be the likely shopper, according to a...
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