Abu Dhabi Fund Closes On $230M Marriott, Will Buy More

By Igor Kossov (February 20, 2015, 2:21 PM EST) -- The Abu Dhabi Investment Authority continued buying hotels from Marriott International Inc. on Friday, closing on a Miami Beach Edition hotel in South Florida for $230 million and saying that it will acquire a New York Edition hotel in Manhattan this quarter. 

The deals are part of ADIA's moves to acquire three Edition-branded hotels from Marriott, through its subsidiaries, for a combined $815 million. The Abu Dhabi fund closed on the first of the hotels, the London Edition, last month.

The latest purchase, on Miami Beach, sits on 3.5 acres and is made up of a complex of lodging buildings and...

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