Abu Dhabi to buy New York Edition hotel

Emirate's sovereign fund also closed on Miami Beach Edition today

New York /
Feb.February 19, 2015 02:11 PM

The Abu Dhabi Investment Authority, the sovereign wealth fund of the oil-rich emirate, is buying the upcoming Edition hotel at Madison Square Park, seller Marriott International  announced today.

Marriott and hotelier Ian Schrager launched the Edition brand in 2008. The property, located at 5 Madison Avenue, is expected to wrap up construction by the end of the first quarter. An Edition in Times Square is also in the cards for 2017.

The Abu Dhabi Investment Authority, which bought the London Edition hotel last year, closed today on the purchase of the Miami Beach Edition in South Florida for $230 million. The New York deal is slated to close in the first quarter of 2015 at a yet-undisclosed price.

Over the next three years, Marriott also plans to open Editions in China, Thailand, India, the United Arab Emirates and Los Angeles.


Related Articles

arrow_forward_ios
(iStock/Illustration by Kevin Rebong for The Real Deal)
“Brace yourselves”: Residential agents prepare for return of foreign buyers
“Brace yourselves”: Residential agents prepare for return of foreign buyers
First we take Manhattan: Inside Reuben Brothers’ NYC shopping spree
First we take Manhattan: Inside Reuben Brothers’ NYC shopping spree
First we take Manhattan: Inside Reuben Brothers’ NYC shopping spree
Wyndham CEO Geoff Ballotti and Marriott CEO Anthony Capuano (Getty, Wyndham, Marriott)
Hotel companies increasingly turning to all-inclusive resorts
Hotel companies increasingly turning to all-inclusive resorts
Renaissance Westchester Hotel entrance (Marriott)
Renaissance Westchester Hotel to shutter West Harrison property
Renaissance Westchester Hotel to shutter West Harrison property
Guillermo Lasso and the Asia Brickell Key condo in Miami
Ecuadorian president’s alleged Florida real estate ties raise questions
Ecuadorian president’s alleged Florida real estate ties raise questions
525 Lexington Avenue and Ben Ashkenazy (Photos via Google Maps, Getty Images)
Court rules Ashkenazy must pay share of $135M Marriott loan
Court rules Ashkenazy must pay share of $135M Marriott loan
Hudson Yards (iStock)
EB-5 program set to expire at the end of June
EB-5 program set to expire at the end of June
Centrale at 138 East 50th Street and Ceruzzi president Arthur Hooper (The Centrale NYC, Hooper via Sasha Maslov/Illustration by Kevin Rebong for The Real Deal)
Korean lender sues for $40M over Ceruzzi condo mezz loan
Korean lender sues for $40M over Ceruzzi condo mezz loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...