Marriott International sold the Miami Beach EDITION hotel for $230 million in cash, the company announced today.
Marriott, which is retaining management of the hotel, sold the property to companies owned by the Abu Dhabi Investment Authority. The sale is the second of three EDITION hotels to sell to the ADIA. The first was the London EDITION in January 2014. Marriott expects to sell the New York hotel, now under construction, in the first quarter of this year, according to a press release. The hotel, at 5 Madison Avenue, is expected to open in April.
“The Miami Beach EDITION is a defining example of this extraordinary brand,” Arne Sorenson, president and CEO of Marriott International, said in the press release. “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, a collaboration with Ian Schrager, opened in December. The hotel, at 2901 Collins Avenue, was sold to Marriott in July 2010 for $57.5 million.
Marriott announced sale plans for all three hotels in January 2014. The total purchase price will be $815 million, which is roughly equivalent to the aggregate development cost of all three hotels, the company said at the time.
Schrager is now searching for sites for an EDITION in Broward County, as he told the audience at the University of Miami’s Real Estate Impact Conference on Wednesday.