Marriott International, Inc. has sold The Miami Beach EDITION hotel for cash proceeds of $230 million. The Miami Beach EDITION is located in “heart of Miami Beach” between South Beach and North Beach—on a three and a half-acre private enclave stretching from Collins Avenue to the ocean shoreline.
Today’s 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.
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, and every thought given to enhancing a guest’s stay: for vacation, for relaxation—and for work.
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 the famed Sunset Boulevard in West Hollywood, the property is expected to open in 2018.
EDITION Hotels, launched by Marriott in partnership with Ian Schrager, combines the intimate, individualized and unique lodging experience for which Ian Schrager is known, with the global reach, operational expertise and scale of Marriott. In addition to West Hollywood, other EDITION hotels are planned for New York (Times Square); Bangkok, Thailand; Sanya and Wuhan, China; Bali, Indonesia; and Abu Dhabi, UAE with advanced ongoing discussions for other exciting locations.