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Marriott International, Inc. recently announced the sale of the Miami Beach EDITION hotel for $230 million in cash proceeds. It is the second in a series of three planned sales of Marriott's EDITION hotels to companies owned by the Abu Dhabi Investment Authority (ADIA). The first was the London EDITION, sold to ADIA in Jan. 2014. The third, located on Madison Ave. in New York City, is expected to sell in the first quarter of 2015. Marriott will retain long-term management of the facilities.
EDITION Hotels, were created by Marriott in partnership with legendary hotelier Ian Schrager, combining Schrager's signature unique, intimate experience with the operational scale of Marriott.
The Miami Beach EDITION is located in prime real estate between South and North Beaches on a private three-plus acres of "structures, spaces, and settings," as the press release puts it, extending from Collins Ave. to the ocean shoreline. This re-imagining of the traditional beach hotel for the modern day is suitable for both vacation and work.
"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 next EDITION, which will include both hotel and residences is slated to open on Sunset Boulevard in West Hollywood in 2018. Other planned locations are Times Square in New York; Bangkok, Thailand; Sanya and Wuhan, China; Bali, Indonesia; and Abu Dhabi, UAE.
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