BETHESDA, Md.—Marriott International, Inc. announced it has sold The Miami Beach EDITION hotel for cash proceeds of $230 million. The 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). The agreement with ADIA for the sale of these three EDITION hotels was announced when the first, The London EDITION, was sold to ADIA in January 2014. Marriott expects to sell the third, The New York EDITION (5 Madison Avenue) to ADIA in the first quarter of 2015.
“The Miami Beach EDITION is a defining example of this extraordinary brand,” said Arne Sorenson, president and chief executive officer 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 Miami Beach EDITION is located between South Beach and North Beach on a three and a half-acre private enclave stretching from Collins Avenue to the ocean shoreline. The property is a complex of structures, spaces, and settings that together offer a resort environment. With The Miami Beach EDITION, every aspect of 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 Sunset Boulevard in West Hollywood, the property is expected to open in 2018.
