Abu Dhabi Investor Pays $815M For Marriott Properties
By Natalie Rodriguez (January 7, 2014, 2:16 PM EST) -- Marriott International Inc. has struck several deals worth about $815 million to sell three Edition-branded hotels in London, New York City and Miami Beach to subsidiaries of the Abu Dhabi Investment Authority, according to a Tuesday statement.
The London Edition hotel officially has traded hands, while the under-construction New York and Miami properties are under binding agreements to be transferred once they are complete, Marriott said. Not included in the deal are residential units attached to the Miami Beach project, which the hotelier will be selling off to individual buyers.
While giving up the ownership rights to the hotels, Marriott will...
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