Marriott International has sold the Miami Beach EDITION hotel for cash proceeds of $230 million.
This sale 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). Marriott expects to sell the third, the New York EDITION to ADIA in the first quarter of 2015.
“The Miami Beach EDITION is a defining example of this extraordinary brand,” says 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 property is an elegantly designed complex of structures, spaces, and settings that together offer a new kind of resort environment. With the Miami Beach EDITION, which was launched in partnership with Ian Schrager, the traditional beach hotel has been re-imagined for the needs and desires of a new segment of non-traditional luxury lifestyle consumer.
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 the famed Sunset Boulevard in West Hollywood, the property is expected to open in 2018.
