Miami Beach Edition sold for $230M

Marriott International sold the Miami Beach Edition hotel for $230 million to the Abu Dhabi Investment Authority, a sovereign wealth fund owned by the Emirate of Abu Dhabi.

The Miami Beach property is one of three Edition properties being sold to the Abu Dhabi Investment Authority. The first was the London Edition sold in January 2014 and Marriott expects to sell the third Edition hotel, New York Edition, in the first quarter of 2015.

Marriott is currently developing Florida's first AC Hotel nearby at 2912 Collins Avenue in Miami Beach with Robert Finvarb Companies, which is set to open in April.

The Miami Beach hotel opened in November and doubled its budgeted profitability during the first two months of operations.