Abu Dhabi fund could buy Beach’s Edition hotel

Miami /
Aug.August 16, 2013 11:00 AM

An Abu Dhabi government fund is close to buying three Marriott Edition hotels, a lifestyle brand being developed with hotelier Ian Schrager, including the Miami Beach Edition, the Wall Street Journal reported, citing unnamed sources familiar with the deal.

The two other Edition hotels are in New York and London, the Journal said.

The deal could take place as rising occupancy and room rates trigger an increase in hotel sales. U.S. hotel transaction volume was $12 billion this year through July, up 45 percent from the same period last year, the Journal reported, citing Jones Lang LaSalle’s hotels division.

A deal could also spur interest and publicity for the Edition lifestyle brand ahead of the London hotel’s opening scheduled for Sept. 12, the Miami Beach hotel’s opening next year and the conversion of the more than 100-year-old former MetLife tower in New York in 2015. [WSJ] Emily Schmall


Related Articles

arrow_forward_ios
Joseph Chetrit and The Tides South Beach (Getty, The Tides South Beach)
Chetrit’s lender scores victory in South Beach hotel foreclosure
Chetrit’s lender scores victory in South Beach hotel foreclosure
6345 Collins Avenue (Colliers)
Oceanfront Casablanca condo-hotel in Miami Beach for sale
Oceanfront Casablanca condo-hotel in Miami Beach for sale
Allied Partners' Eric Hadar and RH's Gary Friedman with the Savoy hotel (Allied Partners, Getty, Google Maps)
Inside RH’s plans for $100M renovation of Miami Beach hotel
Inside RH’s plans for $100M renovation of Miami Beach hotel
Gables Club Tower II at 60 Edgewater Drive in Coral Gables (Condo.com, Getty)
Coral Gables closing tops Miami-Dade’s weekly condo sales
Coral Gables closing tops Miami-Dade’s weekly condo sales
Lil Wayne and 6480 Allison Road in Miami Beach (Getty Images, Become Legendary/Douglas Elliman Realty)
Lil Wayne lists Miami Beach mansion for $30M
Lil Wayne lists Miami Beach mansion for $30M
Moto Capital Group's Marcos Lima with 350 Ocean Drive (Loopnet, LinkedIn, Getty)
Toronto firm picks up Ocean Drive hotel for $39M
Toronto firm picks up Ocean Drive hotel for $39M
John Howard Kunkel with 1030 Stillwater Drive (LinkedIn, Google Maps)
50 Eggs restaurateur John Kunkel buys waterfront Miami Beach home
50 Eggs restaurateur John Kunkel buys waterfront Miami Beach home
Red South Beach at 3010 Collins Avenue, Tom Assouline and August “Gussie” Busch (Instagram/gussiebusch, Google Maps, Getty)
Busch family partners with Assouline Capital to buy Red South Beach hotel
Busch family partners with Assouline Capital to buy Red South Beach hotel
arrow_forward_ios

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

Loading...