A company owned by the Abu Dhabi Investment Authority (ADIA) has purchased The Miami Beach Edition hotel from Marriott International for US $230 million.
The deal is the second of three agreed between Marriott and ADIA, with the UAE company having previously acquired The London Edition in January 2014.
By the end of the current quarter, it is expected to complete the trio of deals with the purchase of The New York Edition. The companies last year said the combined deals were worth a total of US $815 million.
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"The Miami Beach Edition is a defining example of this extraordinary brand," said Marriott International president and CEO Arne Sorenson.
"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.”
Marriott retains a long-term management agreement for The Miami Beach Edition, which has a total of 294 guest rooms and suites.
The residential component of the Miami Beach Edition was not included in the transaction. Marriott will retain ownership of the residential units pending their sale to individual purchasers.
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